March 12, 2018 / 6:48 PM / 9 months ago

E.ON sees up to 5,000 job cuts as part of Innogy deal

E.ON Chief Executive Officer Johannes Teyssen speaks during the annual shareholders meeting in Essen, Germany May 10, 2017. REUTERS/Thilo Schmuelgen

ESSEN, Germany (Reuters) - E.ON expects as many as 5,000 job cuts and 600 million to 800 million euros (£532.3-709.7 million) of synergies as part of a major asset swap with peer RWE involving its Innogy unit.

“Structural change is always associated with uncertainty for affected employees. E.ON and RWE are convinced that, by combining forces, each of the business areas that are touched by this transaction will have better prospects than before,” E.ON and RWE said in a joint statement on Monday.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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