E.on plans to fire up to 5,000 employees after major deal

When E.on takes over Innogy from RWE, it will mean farewell to upwards of 5,000 employees, states E.on, adding that the integration will also give rise to huge synergy effects.

After signing a large deal with RWE, E.on will now be taking over control of Innogy, and the firm states that many employees can start preparing for pink slips.

RWE and E.on announced this Monday that RWE would sell its 76.8 percent stake in Innogy to E.on, and RWE would receive the entire renewable energy businesses from Innogy and E.on in return. RWE will furthermore receive an ownership stake of 16.67 percent in E.on. As part of the deal, RWE will pay EUR 1.5 billion in cash to E.on, and E.on will become the owner of Innogy and it's retail and network businesses.

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