| Add RSS Feed

17 July 2008  Europe's second largest electricity producer was formed yesterday after shareholders in French firms GDF and Suez approved a tie-up despite domestic political opposition and misgivings by European Union officials. The new GDF Suez will be the continent's biggest gas transport and distribution group.

Investors in both companies overwhelmingly endorsed the merger, with the official launch of the giant utility set for July 22.

The decision closes a chapter opened by the French government in February 2006 when it sought to thwart a hostile bid for Suez from Enel of Italy. Suez chairman Gérard Mestrallet described the deal to create GDF Suez as "one of the largest mergers in France in the last 20 years."

The new group will have a market value the equivalent of €90 -100bn ($180-200bn) billion, consolidated annual sales of €74bn and employ nearly 200 000 people.

| Add RSS Feed

---

More Business Articles >

Search Archives >

Power Engineering Article Categories:

Business		Projects/Contracts
Industry News		Deregulation
Environmental		Русский язык
Power Generation Young Professionals		Honeywell Automation & Control Solutions
Power Engineering International Current Issue Table of Contents
Power Engineering Current Issue Table of Contents
Potencia Current Issue Table of Contents
Nuclear Power International Current Issue Table of Contents
Middle East Energy Current Issue Table of Contents

---

Search Products Buyer's Guide >

Search Industry Jobs >

Magazine & E-Newsletter Subscriptions >