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E.ON to split in two, shifts focus to renewables

Dec. 01, 2014 4:16 AM ETE.ON SE (EONGY) StockEONGY, ENAKFBy: Yoel Minkoff, SA News Editor2 Comments
  • Germany's largest utility E.ON (OTCPK:EONGY) has announced plans to split in two and spin off its fossil fuel power plants into a separate company to focus on renewable energy.
  • The company also said it would post a substantial net loss for 2014 due to additional charges of about €4.5B ($5.6B) in Q4, citing its assets in southern Europe as well as loss-making power plants.
  • Despite the write down, shares are up 3.3% in Frankfurt.

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