|Bid||9.35 x 130100|
|Ask||9.35 x 267700|
|Day's range||9.30 - 9.42|
|52-week range||8.08 - 10.26|
|Beta (5Y Monthly)||1.05|
|PE ratio (TTM)||8.48|
|Earnings date||29 Nov 2019|
|Forward dividend & yield||0.43 (4.61%)|
|1y target est||10.33|
Alongside Npower, the Big Six, which control about 70% of Britain's retail energy market, are Centrica's British Gas , SSE, EDF Energy, Iberdrola's Scottish Power and another E.ON-owned supplier operating under the E.ON brand. British Gas dominates with about 24 million customers. E.ON said on Friday it planned to break up Npower under a 500 million pound ($642 million) restructuring, which a union said could put up to 4,500 jobs at risk.
FRANKFURT/DUESSELDORF, Germany, Nov 29 (Reuters) - German energy group E.ON plans a 500-million-pound ($642 million) break-up of the struggling British Npower division it inherited from Innogy, which unions said could put up to 4,500 jobs at risk. E.ON's plan includes managing Npower's residential and small and medium-size business customers on the same platform as its own, while putting Npower's industrial and commercial customers into a separate business. The rest of Npower will be closed.
German energy group Innogy on Thursday said it was continuing to lose clients in Britain, where a price cap has increased pressure on the 'Big Six' energy providers. Npower, Innogy's British retail unit, lost 261,000 customers during the third quarter, bringing total customer losses to 447,000 so far this year.
British Prime Minister Boris Johnson promised on Sunday "to get Brexit done", with his Conservative Party making an election pledge to bring his deal to leave the European Union back to parliament before Christmas. With Britain heading to the polls on Dec. 12, the governing Conservatives rolled out an election manifesto that promised more public sector spending and no further extensions to the protracted departure from the EU.
British Prime Minister Boris Johnson will promise to bring his Brexit deal back to parliament before Christmas when he launches his manifesto on Sunday, the cornerstone of his pitch to voters to "get Brexit done". Voters face a stark choice at the country's Dec. 12 election: opposition leader Jeremy Corbyn's socialist vision, including widespread nationalisation and free public services, or Johnson's drive to deliver Brexit within months and build a "dynamic market economy". Opinion polls show Johnson's Conservative Party commands a sizeable lead over the Labour Party, although large numbers of undecided voters means the outcome is not certain.
RWE AG, Germany's largest power producer, gave profit forecasts for its renewables business that fell short of some analysts' expectations, casting doubt over whether the booming sector will prove as lucrative as hoped. Fresh off a deal to acquire the renewable units from peer E.ON and former subsidiary Innogy, RWE said pro-forma adjusted core earnings from green energy operations would be 1.3 billion-1.5 billion euros ($1.4 billion-$1.7 billion) this year.
A British employers' group criticised on Monday what it said would be the "beyond eye-watering" cost of the opposition Labour Party's plans to return utilities, train companies and the Royal Mail to public ownership. The Labour Party has moved sharply to the left under its leader Jeremy Corbyn, and although it lags the ruling Conservatives in opinion polls, Brexit turmoil and the likelihood of an early election could see it take power. The Confederation of British Industry said Labour's plans would have an upfront cost of 196 billion pounds ($249 billion), assuming Labour paid the full market value of companies involved - similar to a 176 billion-pound estimate made last year by the pro-privatisation Centre for Policy Studies think tank.
(Bloomberg Opinion) -- Any takers for a couple of big stakes in an old-style, carbon-emitting power generator?Germany’s Uniper SE is not a business that fits with the times. Yet hedge funds Elliott Management Corp. and Knight Vinke have just succeeded in squeezing a high price from the one keen buyer of their combined 21% holding, the Finnish utility Fortum Oyj.Investors sitting on the other 30% not already owned by Fortum can only look on in dismay and ask how they missed out.Fortum made a takeover bid for Uniper in 2017 but had to settle for a stake just below 50% after it emerged that Moscow had an effective veto on it gaining control (the German company owns a water facility in Russia and Fortum is controlled by the Finnish state, hence Russia’s right to block the deal).All of a sudden, something has changed. Fortum sees a potential path to Russian approval, although it won’t say precisely what it is. The Finnish company has agreed therefore to pay 2.3 billion euros ($2.5 billion) for the position held by Elliott and Knight Vinke. That would give it a 71% stake, assuming Russia’s approval is forthcoming.For Elliott, it’s a classic short-term win from opportunistically buying into a bid target. For Knight Vinke, it’s the profitable culmination of a longstanding activist campaign that began with nudging the German power giant E.ON SE to carve out Uniper in a demerger three years ago.As for Fortum, it’s a victory of sorts in a war of attrition with Uniper’s management. The Finns look set to gain de facto control. Key shareholder votes in German companies require 75% approval and Fortum would almost certainly clear that hurdle, gaining the power to appoint directors to Uniper’s supervisory board, who in turn oversee the management board. True, Fortum can’t fully integrate the German business into its own company. But it will get to direct Uniper’s strategy and receive dividend payments to cover the cost of its stake.There’s nothing here for Uniper minority investors, though. They were hoping to get a fresh takeover offer from Fortum, made available to all shareholders. Either that or a so-called “domination agreement” whereby Fortum got full access to Uniper’s cash flow in return for paying minority shareholders a chunky dividend. Fortum says it has no plans to make a fresh bid and won’t seek a domination agreement for at least two years. Why would it?It would have been better if Uniper had extracted some sort of agreed deal with Fortum. The German target appears to have relied on the Russian water asset being a poison pill. Fortum seems to have found a way around that. But with Fortum having a blocking stake and the hedge funds agitating for an exit, negotiating a grand bargain between all the stakeholders would have been the best way forward for Uniper.Minority investors are always in a tough spot when the register includes other big beasts, especially when one is a strategic bidder and another is Elliott. The episode is a reminder that sometimes their interests are best served by management not fighting too hard.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
HELSINKI/FRANKFURT, Oct 8 (Reuters) - Finnish utility Fortum is set to gain control of Germany's Uniper by acquiring the stakes of activist funds Elliott and Knight Vinke, potentially ending a long-running deadlock over ownership of the group. State-controlled Fortum has been seeking control of the energy firm since 2017, but Uniper's top management had opposed a full takeover, warning it could result in a break-up and threaten the firm's credit rating. If approved by regulators, the agreement between Fortum and the two activist funds would simplify the complex ownership structure that has made resolving the stand-off difficult.
Profits from supplying gas and electricity at Britain’s big six energy firms sank by a combined 35 percent last year as they continued to lose customers to smaller rivals, a report by energy market regulator Ofgem said on Thursday. Britain’s so-called 'Big Six' energy suppliers - Centrica's British Gas, E.ON, SSE, EDF's EDF Energy, Innogy's npower and Iberdrola's Scottish Power - have faced competition from more than 60 smaller firms, often offering cheaper prices. In its annual state of the market report, Ofgem said the six companies had lost around 1.3 million customers and they served just above 70% of domestic customers as of June this year, down from around 75% in June last year.
* European shares fall after disappointing PMIs * STOXX 600 down 0.8% for biggest one-day fall since Aug. 14 * DAX hits lowest in 2 weeks * Euro zone business growth stalls in September * Investors wait UK Supreme Court ruling on Brexit on Tuesday * * Travel sector stocks gain after Thomas Cook collapses Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: firstname.lastname@example.org CLOSING SNAPSHOT: DISMAL PMI CAST PALL OVER EUROPE (1614 GMT) Gloom about the state of the euro-zone economy following dismal manufacturing data for Germany cast a pall over European stocks today, prompting a rush for the exits and sending the pan European STOXX 600 and euro-zone index down 0.8% and 1% for their worst day in weeks.
* European shares fall after disappointing PMIs * STOXX 600 down 0.9%, DAX hits lowest in 2 weeks * Euro zone business growth stalls in September * Investors wait for clarity on Sino-US talks * Travel sector stocks gain after Thomas Cook collapses Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: email@example.com THOMAS COOK: GAMECHANGER FOR TROUBLED TRAVEL SECTOR?
* European shares fall after disappointing PMIs * STOXX 600 down 0.8%, DAX hits lowest in 2 weeks * Euro zone business growth stalls in September * Investors wait for clarity on Sino-US talks * Travel sector stocks gain after Thomas Cook collapses Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Danilo Masoni. Reach him on Messenger to share your thoughts on market moves: firstname.lastname@example.org GERMAN CLIMATE PLAN: IS THAT FISCAL STIMULUS? "The macro impact from the climate spending package seems limited - this is not a proper fiscal stimulus," say UBS economists led by Felix Huefner.
ESSEN, Germany/BRUSSELS, Sept 17 (Reuters) - E.ON will move quickly to address problems at Npower, the loss-making British retail business it is taking over after European regulators approved its purchase of assets from peer Innogy , the German energy group's CEO said on Tuesday. "(Npower) is an open wound which bleeds heavily," Johannes Teyssen told journalists. The approval seals the fate of Innogy, which was carved out from RWE and listed three years ago as a separate entity, with its assets being taken over by its parent and E.ON.
Relative newcomer OVO Energy is set to become one of Britain's Big Six energy suppliers after striking a 500 million pound ($622.65 million) deal to buy SSE's retail arm, announced on Friday. The 10-year old independent company has flourished in a market which has seen more than ten small energy suppliers collapse over the past year, hurt by fierce competition and a regulator-imposed cap on prices. "Our focus was always to deliver cheaper, greener, simpler energy and provide good service for customers," OVO Chief Executive and founder Stephen Fitzpatrick said in an interview.