E.ON expects between €600m and €800m ($740m-$986m) in synergies by 2022, but also layoffs of around 5,000 full time employees, or some 7% of its future work force, as a consequence of its planned acquisition of Innogy’s grids and customer businesses.

E.ON and rival German utility RWE on Sunday had confirmed plans for a complex asset swap and cash transaction under which E.ON