SSE to Merge Retail Unit With npower; Half-Year Results Highlights Difficult U.K. Environment
We are reaffirming our GBX 1,580 per share fair value estimate ($20 per ADR share), narrow economic moat, and stable moat trend ratings after SSE reported adjusted first-half operating results of GBP 586 million, down 8% from the same year-ago period. The interim dividend increased 3.6% to 28.4 pence.SSE announced that it will spin-off its SSE Retail unit with Innogy's npower to create a separate publicly traded U.K. energy company. SSE shareholders would hold 65.6% of the new entity. Innogy ha...
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