By David Sachs

Uniper shares jumped in early trading following a share-reduction move that the German utility said will restore dividends.

At 0820 GMT, shares in Uniper were up 9.7% at EUR4.29.

After markets closed on Friday, Uniper shareholders approved a plan to reduce share capital to about 416 million euros ($447.7 million) from about EUR14 billion. The plan will restore Uniper's ability to pay dividends, Chief Executive Officer Michael Lewis said last week.

The approval also cleared the way for the German government to exit the company, Uniper said.

The German government took over Uniper in 2022, injecting billions of euros following Russian gas curtailments stemming from the war in Ukraine.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

December 11, 2023 03:36 ET (08:36 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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