The largest German energy group E.ON and the largest Austrian electricity producer VERBUND will regroup their hydroelectric activities into a joint venture, which will form the second largest hydroelectric group in Europe. Named EUROPEAN HYDROPOWER GMBH, the company will be controlled by VERBUND, which will hold 60% of the capital. It will have 200 hydroelectric power stations with a total power of around 9.600 MW and employ 2,500 employees in Austria and Germany.