E.ON Seek to Raise $6.7 From Capital Markets

E.ON, Europe's second largest utility, plans to sell as much as 7.5 billion euros ($6.7 billion) of bonds in its first international sale, following rivals in tapping the debt market to fund purchases. The German company has hired ABN Amro, Barclays, Dresdner Kleinwort Wasserstein and Goldman Sachs to manage the bond sale, E.ON said in an e-mailed statement to the press. Like its rivals, E.ON needs money to finance expansion. European utilities, spurred by increased competition at home, made acquisitions worth $75.6 billion last year. E.ON Chief Executive Ulrich Hartmann has said he wants to spend at least 10 billion euros in the US. The Dusseldorf, Germany based company plans to sell medium and long term bonds in the near future it said. The bonds will be denominated in euros and pounds. The bond sale will amount to at least 5 billion euros, E.ON said.

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