News Digest Item
17 Mar 2017

“Headquarters paralysed from shock”


The record loss of over 16 billion euros announced by German utility E.ON increases doubts about the company’s survival, Angela Hennersdorf and Andreas Macho write in business paper WirtschaftsWoche. CEO Johannes Teyssen’s 400-million euro rescue scheme, dubbed “Phoenix”, could axe about 1,000 jobs in Germany alone – including Teyssen’s own position, the authors say. Teyssen had to announce a billion-euro loss for the fourth time in six years. “Nobody within the company is keen on doing the job, that’s why Teyssen carries on,” they quote an E.ON manager. But external suitors seem to emerge: French energy company Engie and Italian counterpart Enel are said to eye the stricken German utility, Hennersdorf and Macho write.

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