Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Burundi judges back Nkurunziza's bid for a third term

Read more

MEDIAWATCH

"French Patriot Act" criticised online

Read more

DEBATE

France's Patriot Act? Lawmakers Approve Surveillance Bill (part 2)

Read more

DEBATE

France's Patriot Act? Lawmakers Approve Surveillance Bill (part 1)

Read more

FOCUS

Will Finland's eurosceptic party enter government?

Read more

FOCUS

The health risk behind Argentina's soya paradise

Read more

EYE ON AFRICA

Top Burundian judge flees country after government pressure

Read more

IN THE PAPERS

'60% of British citizens want voting reform'

Read more

THE INTERVIEW

Swedish FM: ‘Diplomacy today is about courage and patience’

Read more

Last corner before final GDF-Suez fusion

Latest update : 2008-05-27

Despite the vote of Gaz de France workers' council against the decision to merge GDF with Suez, both companies will soon meet to sign the final takeover accord and create one of the largest energy firms in the world.

The planned takeover of French gas utility GDF by energy group Suez can now go ahead following a key meeting Monday of the GDF workers' council, a spokesman for the firm said.
  
The leadership of the council, in a purely consultative opinion, said it opposed the takeover. That assessment, either positive or negative, was an indispensable step in the deal, which has been under consideration for more than two years.
  
The executive boards at Gaz de France (GDF) and Suez are now expected to meet shortly to sign the takeover accord.
  
With an endorsement from the French financial market regulator, the AMF, the agreement would then be submitted to shareholders at the two companies at a special general assembly.
  
The plan to create a giant French energy group, which would be one of the biggest such utilities in the world by market capitalisation, has been dogged by controversy and delays.
  
Under the deal, Suez shareholders would end up with 55 percent of the new entity and GDF shareholders 45 percent. The state owns 79.80 percent of GDF now and would hold about 35 percent of the new group.

Date created : 2008-05-27

COMMENT(S)