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Share Name | Share Symbol | Market | Type |
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BlackRock Inc | NYSE:BLK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 815.70 | 162 | 11:14:24 |
By Monica Houston-Waesch
FRANKFURT--Shares of Innogy, the renewable energy, grid and retail arm of German utility RWE AG, started trade Friday at 37.30 euros ($41.6), above the offer price of EUR36.00 a share set late Thursday.
The offer price was at the top end of a book-building range between EUR32 and EUR36, and values Innogy at around EUR20 billion. The offer was supported by a firm order from Blackrock Inc. for shares worth EUR940 million for the funds that it manages.
Innogy's good reception was bolstered by strong demand among institutional investors. The float of around 25% of Innogy shares generated gross proceeds of around EUR5 billion.
European utilities have been hit by eroding profits because of low wholesale prices spawned by an electricity glut. In Germany, uncertainty surrounding liabilities connected to the country's exit from nuclear power has also weighed on operators.
Both RWE and E.ON SE responded to the challenges by splitting conventional generation from renewable power in a bid to attract investors to shore up sagging stock prices. While RWE floated its renewable energy operations, last month E.ON hived off its conventional energy activities into a new company, Uniper SE. Uniper's debut was rockier, coming with a EUR3.8 billion impairment charge and a pledge to divest at least EUR2 billion to pare debt.
At 0725 GMT, Innogy shares are trading at EUR37, while RWE shares are down 3.2% at EUR14.12.
Write to Nikki.Houston at nikki.houston@wsj.com
(END) Dow Jones Newswires
October 07, 2016 03:59 ET (07:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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