Uniper Issues 2018 Guidance, Raises Dividend
07 December 2017 - 7:22PM
Dow Jones News
By Nathan Allen
Germany's Uniper SE (UN01.XE) issued earnings guidance for 2018
on Thursday and said it plans to increase its 2018 dividend to 310
million euros ($366.2 million).
Uniper said it expects adjusted earnings before interest and
taxes of between EUR800 million and EUR1.1 billion in 2018,
compared with a range of EUR1 billion to EUR1.2 billion for
2017.
The company said it will propose a dividend of EUR310 million
euros for 2018--up from EUR250 million in 2017--and that it plans
to raise its dividend by an average of 25% a year through to
2020.
Uniper was formed when German utility company E.ON SE (EOAN.XE)
spun off its conventional energy operations. E.ON has since
committed to selling its remaining 47% stake in Uniper to Fortum
Oyj (FORTUM.HE) and will incur a EUR1.5 billion charge if the deal
doesn't go through.
In November Uniper's board recommended that shareholders reject
a EUR8.05 billion takeover bid from Fortum, as it didn't think the
offer was in the company's best interests.
Shares in Uniper rose by more than 6% on Tuesday after U.S.
activist fund Elliott Management Corp. announced it had bought a
5.3% stake in the company. Uniper has since been trading over
EUR25.50, far above Fortum's offer of EUR22 a share.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 07, 2017 03:07 ET (08:07 GMT)
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