|
15 December 2003 - Germany's largest power group, E.ON. is planning to spend &euro13.8bn over the next three years on integration and consolidating its business following several years of rapid growth, it said Friday.
E.ON believes that the strategy will enable it to "markedly surpass" its free cash flow target of €2.4bn, announced in August. The announcement is expected to reassure shareholders that E.ON is not about to embark on another extensive spending spree, having expanded through a number of acquisitions, culminating in the purchase of Ruhrgas, Germany's largest gas business.
E.ON chief executive, Wulf Bernotat, said "no large scale acquisitions were planned." He said that E.ON would fund its investment programme with free cash flow and further disposals and rules out a bond issue next year.
E.ON said that the majority of its capital expenditure, some €8.6bn, would be on fixed assets, with the aim of expanding its power and gas networks and implementing environmental protection measures at its power plants. A further €5.1bn would be used to increase its existing shareholdings.
| 
Articles 
| View all PennWell sites | View all PennWell events
Add RSS Feed
