Vattenfall Europe AG will be merged into its immediate shareholder Vattenfall Deutschland GmbH, which has been renamed Vattenfall GmbH. Tuomo Hatakka, previously CEO of Vattenfall Europe AG will be Chairman of the Board. Vattenfall GmbH, which is 100% owned by Vattenfall AB, will be based in Berlin/Germany.
“Vattenfall intends to create leaner and simpler structures, thereby improving operational work streams and reducing costs. With the merger, we continue our process of strategic reorientation that started in 2010", says Øystein Løseth, CEO of Vattenfall AB. The share capital will be nearly doubled to 500m € compared with Vattenfall Europe AG.
Approximately 340 of a total of 20,000 employees in Vattenfall’s German operations are affected by the merger. The contracts of those employees will be taken over by Vattenfall GmbH. The rights of co-determination are not affected by the merger. The collective labour agreement and all work councils agreements of Vattenfall Europe AG will be continued.
For the subsidiaries of Vattenfall Europe AG/Vattenfall GmbH, there will be no change. Also, for the approx. 2.7 million customers of Vattenfall in Germany, the new structure will not change anything. The merger is expected to be completed in autumn 2012. As a result of the merger the domination agreement signed in 2008 between Vattenfall Europe AG and Vattenfall AB will cease to exist.
For further information, please contact:
Agneta Molinder, Acting Head of Media Relations,
+46 (0) 8 739 50 10
From Vattenfall's Press Office, telephone: +46 (0) 8 739 50 10,