Bloomberg News

EON Paves Way For Transformation to European Stock Corporation

February 24, 2012

Feb. 24 (Bloomberg) -- EON AG, Germany’s biggest utility, moved a step closer to transform itself into a European stock corporation, or SE, the company said in an e-mailed statement today.

EON’s supervisory board is to make a final decision in March after “intensive preparatory talks” were held during the last few weeks, according to the statement.

The company’s management board will enter talks on the exact structure of the SE after a resolution is adopted at the annual meeting in May. The board will “focus above all on questions concering the further development of employee co- determinantion,” the company said. “Transformation into an SE will not become effective until completion of these negotiations, probably by the end of the year.”

EON said in November of last year it planned to make job cuts in the upper end of the 9,000 to 11,000 range announced in August as it seeks to lower costs after Germany’s nuclear withdrawal.

To contact the editor responsible for this story: Rajiv Sekhri at rsekhri1@bloomberg.net


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