Uniper, the power generation and energy trading unit spun off by E.ON, is to cut 14 per cent of its workforce.

According to the Rheinische Post, the company is to follow up on a cost-cutting programme it initially announced a year ago.
Uniper
It means 2,000 jobs will be lost by the end of the year, according to the group’s finance chief Christopher Delbrueck.

Uniper said last year it planned to save EUR400m by the end of 2018 by cutting jobs and spending as it attempts to adapt to changing business conditions.

More than a third of the jobs being eliminated are those of workers who remained at E.ON in the spin-off, who worked at shut-down power plants or at units being divested, Delbrueck said.

“The remaining 1,250 jobs fall into efficiency programme Voyager. The lion’s share of those jobs has already been eliminated, the remaining ones are to follow by the end of 2018,” Delbrueck was quoted as saying by the paper.

Meanwhile the company is advising its shareholders not to accept an offer from Finnish utility Fortum Oyj and said the price doesn’t reflect the German utility’s true value.

“The offer price is simply not attractive,” chief executive officer Klaus Schaefer said yesterday in an interview with Bloomberg Television. “There’s a limited strategic benefit for us as Uniper and the intentions of what Fortum really wants to do is unclear.”