Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Commodities  >  World (autre bourse)  >  NYMEX Henry-hub gas       

Mes dernières consult.
Most popular
News SummaryAll newsTweets

SSE Agrees U.K. Household Energy Merger with Innogy; 1st Half Profit Falls

share with twitter share with LinkedIn share with facebook
share via e-mail
11/08/2017 | 09:25am CET

By Adam Clark

SSE PLC (>> Scottish and Southern Energy) said Wednesday that it has entered an agreement with Innogy SE (>> Innogy SE) to merge two of their U.K. retail energy units, as it reported a fall in first-half profit for fiscal 2018.

Under the deal, SSE will spin off its household and services energy business and merge it with Innogy's U.K. retail division, Npower. SSE said that its shareholders will get a 66% stake in the combined business, with Innogy taking a 34% interest. The spinoff will be achieved via a dividend in specie or repayment in capital to SSE shareholders.

London-listed SSE said that the transaction is to be completed by the last quarter of 2018 or the first quarter of 2019, subject to regulatory and shareholder approval.

Separately, SSE reported first-half results for the six months ended Sept. 30, saying that pretax profit fell to 402.2 million pounds ($528.8 million) from GBP675 million the year before after being hit by substantial profit reductions in its wholesale and networks operations. SSE said this was largely due to the phasing of capital expenditure and the resulting impact on regulatory revenue.

SSE declared an interim dividend per share of 28.4 pence, up 3.6% from 27.4 pence the previous year.

The company still expects to report full-year earnings per share at least in-line with a consensus forecasts of 116 pence, based on 18 estimates gathered by the company. It also plans to invest around GBP1.70 billion in its assets during the current financial year.

SSE shares were up 44 pence, or 3.1%, to 1,454 pence at 0807 GMT.

Write to Adam Clark at [email protected]; @AdamDowJones

Stocks mentioned in the article : Scottish and Southern Energy, Innogy SE
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on NYMEX HENRY-HUB GAS
03:43p Naftogaz CEO Says Ukraine Will Buy Gas From Russia This Year -Reuters
07:13a Pipeline Builders Outflank Opposition with Expansions
01/16 NEXTERA ENERGY : Florida Power & Light Directs Tax Benefits to Hurricane Costs, ..
01/16 NOVATEK : Reports Drop in Hydrocarbon Production for 2017
01/16 India's GAIL renegotiates LNG deal with Gazprom -Reuters
01/15 Gazprom to Invest $3.2 Billion in TurkStream Pipeline
01/15 GAS NATURAL FENOSA : Launches a New Commercial Brand in Spain
01/11 E.ON Starts Construction, Commercial Operation of New Wind Farms in the U.S.
01/10 Repsol Confirms CVC Interest in its Gas Natural Stake
More news