Innogy agrees with E.ON and RWE on planned transaction

BERLIN (Reuters) - Innogy <IGY.DE> said it had reached two legally binding agreements with E.ON <EONGn.DE> and RWE <RWEG.DE> for a fair integration process as part of its break-up.

The agreements mark a major step towards implementing the asset swap deal between RWE and E.ON, which will effectively mark the end of Innogy as an independently listed company and has led to concerns that it could bear the brunt of planned job cuts.

"The agreements with E.ON and RWE lay the groundwork for a fair integration processes on equal terms and thus for constructive collaboration in the future," Innogy CEO Uwe Tigges said in a statement.

(Reporting by Caroline Copley; Editing by Douglas Busvine)