Gaz de France and Suez slip as merger controversy intensifies |
Times Online - Sep 4, 2007 |
Investors gave a lukewarm welcome to the €90 billion (£60.7 billion) merger between Suez and Gaz de France (GdF) yesterday amid concern over a plan to block hostile bids for the Franco-Belgian utility’s environment division.
As Suez fell 3.3 per cent to close at €40.35 and GdF declined 2.7 per cent to €35.81, executives outlined a proposal to form a shareholder pact to protect Suez’s €20 billion water and waste unit. The division, which employs 5,000 people in Britain, will be spun off and floated as part of the merger conditions imposed by President Sarkozy of France.
With Suez’s rivals, such as Veolia, of France, eyeing the business, analysts are predicting a fierce industrial battle.
Read Full Article from Times Online
- Posted: 2007-09-04 09:46:59
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