Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

NYMEX HENRY-HUB GAS
Mes dernières consult.
Most popular
SummaryNews 
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
0
11/08/2017 | 09:25am CEST

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
Stocks mentioned in the article
ChangeLast1st jan.
INNOGY SE 0.22% 36.68 Delayed Quote.12.26%
SCOTTISH AND SOUTHERN ENERGY 0.85% 1363.5 Delayed Quote.3.30%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NYMEX HENRY-HUB GAS
07/19Energy Shares Flat; Natural Gas Prices Rebound -- Energy Roundup
DJ
07/19CONEDISON : Steam-Pipe Blast in Flatiron Echoes Powerful 2007 Explosion
DJ
07/19Innogy Signs Integration Agreements With E.ON and RWE -- Update
DJ
07/19SCOTTISH AND SOUTHERN ENERGY : SSE 1Q Profit Hit by GBP80 Million After Warm Wea..
DJ
07/19Innogy Signs Integration Agreements With E.ON and RWE
DJ
07/19Woodside 1st Half Revenue Lifted by Higher Prices, Output
DJ
07/18Santos Revenue Jumps Despite Drop in Production
DJ
07/18RWE And Innogy Conclude Framework Agreement To Support RWE/E.ON Transaction
DJ
07/18CORRECTION OF A RELEASE FROM 18.07.2 : 13 CET/CEST - Correction Of Headline: E.O..
DJ
07/18BAKER HUGHES A GE : Sells Natural Gas Solutions Business to Two Firms -- Deal Di..
DJ
More news