March 12, 2018 / 6:49 PM / a year ago

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

FILE PHOTO - A hot air balloon with the logo of German energy giant E.ON flies at dawn in Ronda, southern Spain, July 21, 2016. REUTERS/Jon Nazca

ESSEN, Germany (Reuters) - E.ON (EONGn.DE) expects as many as 5,000 job cuts and 600 million to 800 million euros ($740-987 million) of synergies as part of a major asset swap with peer RWE (RWEG.DE) involving its Innogy (IGY.DE) 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.

($1 = 0.8108 euros)

Reporting by Christoph Steitz; Editing by Maria Sheahan

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