Germany’s E.ON slashes debt after 16 billion euro record loss
E.ON will shed assets and cut jobs to reduce its debt pile after impairments on its former power plant unit Uniper triggered a 16 billion euro net loss - more than its current market value, reports Christoph Steitz for Reuters. Cost savings will result in 1,300 job cuts, amounting to about 3 percent of the company’s total workforce, according to E.ON.
Read the article in English here.
For background on E.ON, read the CLEW factsheet E.ON shareholders ratify energy giant’s split.