Innogy board of management and verdi demand job pledges

Innogy board of management and verdi demand job pledges

Essen (dpa) – at the energy group innogy, which is on the verge of being broken up, the issue now is job security. The company’s management board called on the future owners eon and RWE to eliminate the uncertainty that has arisen among employees as quickly as possible.

"We need more security again in the form of binding commitments. Job security is a priority," according to a letter to innogy employees obtained by the deutsche presse agency and reported by the "rheinische post" and the "handelsblatt". Innogy has around 42,000 employees.

The trade union verdi called on eon to include the announced waiver of layoffs in a collective bargaining agreement. "Exaggerations in press conferences are one thing," said verdi national executive board member andreas scheidt in response to eon CEO johannes teyssen. "The decisive factor is that the commitments are secured in collective bargaining agreements. We want this in black and white."

Eon and RWE want to divide up the business of RWE’s network and eco-electricity subsidiary innogy between them. According to eon, up to 5,000 jobs are to be cut in the process. Teyssen expressed confidence on tuesday that he would be able to forego compulsory redundancies. "We’ll get it done," he said at a joint press conference with RWE CEO rolf martin schmitz.

Innogy’s executive board also took the unions verdi and IG BCE to task. They had explicitly buried the deal and agreed to it in the supervisory rates of eon and RWE. "The unions also assume that redundancies will be waived and that the collective bargaining agreements and works agreements will continue to apply. We will take you at your word," the letter says.

The executive board also "emphatically" called on innogy shareholders "not to take any action and in particular not to sell their shares" until management has reviewed the eon offer, according to a statement issued on tuesday evening.

The share price of innogy rose sharply after the plans of eon and RWE became known. Eon wants to take over RWE’s 77 percent stake in innogy and make a takeover offer to the free float shareholders with a total value of 40 euros per share.

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