Shares of E.ON’s spin-off business Uniper were today traded on the Frankfurt stock exchange for the first time.
E.ON chief executive Johannes Teyssen said the company had "managed to complete a very ambitious restructuring process exactly according to schedule”.
Düsseldorf-headquartered Uniper began trading at 10.01 euros ($11.23) a share and was at 10.80 euros by late morning according to Bloomberg.
The business comprises E.ON’s fossil-fuel power generation business and its energy trading arm and it was formed in response to Germany’s ‘energiewende’, which saw a move away from conventional fuels to a focus on renewables.
Teyssen said today that “this strategy is the right way forward for E.ON, for Uniper and for the customers, shareholders and employees of both companies. The new and the classical energy worlds are so fundamentally different that they each require a totally different entrepreneurial approach."