British electricity group PowerGen is to be taken over by German firm Eon in a near £10bn sterling deal, the companies said today.
Eon described the deal as a major step which would give it a leading position in the UK utilities market .
The long-awaited offer, which amounts to £9.6bn after taking into account PowerGen's debt, has been recommended by the UK group's board.
PowerGen said there were no plans for large scale job cuts as a result of the deal.
