Shares in E.ON's conventional power spin-off company Uniper started trading Monday on the Frankfurt Stock Exchange with the opening price of Eur10.015 valuing the company at almost Eur4 billion ($4.4 billion), it said.
As part of the listing the shareholders of E.ON SE were allotted 53.35% of the shares in Uniper SE. In addition, they received one new no-par value registered share of Uniper SE for each 10 shares held in E.ON SE, it added.
"With the listing Uniper is now a truly independent company," Uniper CEO Klaus Schaefer said. "As a focused, international energy company, our job is to secure a reliable supply of energy. Uniper is the backbone and serves as a partner to the energy transition." "E.ON and Uniper now have every opportunity to be successful with their clear focus on their respective segments of the energy industry. They can now develop without compromises and serve the needs of their respective customers," E.ON CEO Johannes Teyssen said.
"The new and the classical energy worlds are so fundamentally different that they each require a totally different entrepreneurial approach," Teyssen added.
The new company, whose core businesses are conventional power generation, energy trading, and gas exploration and production, has been operating independently since the start of 2016 and will remain headquartered in Dusseldorf.
The name, which stands for "unique performance," underscores the company's outstanding capabilities and expertise, it said.
With about 40 GW of coal and gas-fired power generation capacity, Uniper operates one of Europe's largest fleets. E.ON's legacy nuclear power unit in Germany remains part of E.ON under the name PreussenElektra.
Germany's second-biggest energy company RWE also decided to split in two, spinning off its renewables, retail and network operations Innogy before the end of the year, but will maintain the traditional power generation operations under the RWE brand.
