Oil Slump Wipes $2.3 Billion Off Dong as IPO Plans Continue
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Dong Energy, the Danish state-backed utility preparing for an initial public offering, said the rout in oil markets will force it to write down the value of a unit that had been the focus of spin-off speculation.
Dong will write down its exploration and production division by 16 billion kroner ($2.3 billion), but said it will keep the unit as it continues to prepare for an IPO that is due to take place early next year.