July 23 NRG Energy Inc, which offered to
buy GenOn Energy Inc on Sunday, said it will cut net
headcount by 500 employees in the combined company to reduce
overlaps in work groups.
"We expect to reduce the combined company's net headcount by
about 500 employees across NRG and GenOn administrative
functions and locations," NRG said in an internal memo dated
July 22 filed with Securities and Exchange Commission.
NRG offered to buy rival GenOn Energy for $1.7 billion in
stock to form the largest U.S. independent power producer as
both companies contend with sagging electricity prices.
NRG also said it will communicate all staffing decisions by
Oct. 15 and "hope to fill existing open positions with employees
whose jobs are affected."
The two energy companies said the combination would create
the largest competitive U.S. power generator with a fleet of
Shares of NRG closed at $19.52, while those of GenOn closed
at $2.29 on Monday on the New York Stock Exchange.