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
11/17DJShell's Long-Standing Head of Crude Trading Quits -Reports
11/17DJTRANSCANADA : Leak Detected in Keystone Pipeline Ahead of Nebraska Vote on Exten..
11/16DJTransCanada Investigating Keystone Pipeline Leak in South Dakota
11/16DJSCOTTISH AND SOUTHERN ENERGY : Ofgem Rejects GBP120 Million Rebate Request from ..
11/16DJSantos Rejected $7.2 Billion Bid from Harbour Energy in August
11/15DJDutch Court Rejects Gas Production Cap at NAM-Operated Field -Reuters
11/14DJEni Signs Exploration and Production Sharing Agreement in Oman
11/14DJRWE Nine-Month Net Profit Rises
11/13DJNK ROSNEFT' : Rosneft Increased Hydrocarbon Production in 3Q
11/13DJFortescue to Terminate Power-Supply Deal with TransAlta
More news