Eon signals jobs cull
German utility Eon expects to reduce its workforce by about 5000 people as a result of the proposed deal with RWE covering the assets of the latter's renewables company Innogy.
RWE does not expect to make any job cuts following the conclusion of the agreement.
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The deal announced yesterday would see RWE controlling the renewable generation assets of both Eon and RWE. Eon would end up with the retail and network businesses of Innogy and RWE.
The companies expect the transaction, which is subject to regulatory approval, to close by the end of next year and, until then, Eon, RWE and Innogy will remain separate businesses and competitors.