EON shareholders vote on spinoff even as its value is questioned

Dusseldorf

SHAREHOLDERS of Germany's largest utility are set to vote on its breakup as some in the investment community question the value in EON SE's split to focus on renewable energy, networks and retail customers.

Owners of the Essen-based company meet on Wednesday to finally decide on a strategy unveiled in 2014 to spin off its fossil-fuel plants and trading business into a separate company called Uniper. The plan needs a 75 per cent majority at the annual general meeting before the conventional power station business can be listed as early as August. The utility's supervisory board has already approved the breakup.