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Markets react to E.ON profit warning

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Markets react to E.ON profit warning

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The profit warning of Germany’s largest utility, E.ON, was harshly sanctioned on Tuesday in Frankfurt.

On stock markets weakened by concerns over Greece, the electricity and gas giant’s share price dropped by 11.5%. It was by far the biggest loser on the Dax.

E.ON posted a net loss in the third quarter, against benefits a year ago, and this, despite a growth in revenue. The group has warned it won’t reach its 2013 targets and will lower its dividend payments.