E.ON AG (EOAN.XE) Friday announced plans to combine the management boards of its units E.ON Ruhrgas and E.ON Energy Trading in the latest sign that the German utility intends to pool parts of its global natural gas and energy trading businesses.

In an emailed statement, E.ON said the executive board members of the gas unit E.ON Ruhrgas and E.ON Energy Trading will in future hold management board positions at both units "to better facilitate the coordination of the business".

The announcement comes after E.ON last month revealed plans to cut costs by EUR1.5 billion by 2015 at the latest in response to an increasingly difficult business climate. The plan could lead to up to 11,000 job cuts, or around 14% of its global workforce.

People familiar with the matter have said that E.ON appears set to bundle parts of its global gas and energy trading units, reflecting large operational overlaps of the gas procurement activities at E.ON Ruhrgas and energy trading operations.

Under the management shakeup plan, E.ON Ruhrgas Chief Executive Officer Klaus Schaefer will also take charge of E.ON Energy Trading, the company said.

Schaefer effectively replaces Tony Cocker as CEO of the trading unit. Earlier this week, E.ON said that Cocker will become CEO of the company's U.K. business in the course of the fourth quarter of 2011.

Additionally, E.ON said that Hans-Peter Floren will also join the E.ON Energy Trading executive board and remain in charge for gas purchasing as board member at E.ON Ruhrgas.
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