Monday, August 09, 2010

International Power to Announce Takeover by GDF Suez on Tomorrow

According to The Sunday Times, International Power, the listed, UK-based energy utility, is poised to announce a takeover by GDF Suez tomorrow. The newspaper cited unspecified sources, who said there is still a chance that discussions could fail to yield a deal, but the companies plan to announce the deal alongside their half-year results.

GDF, the French government-controlled energy group, intends to merge several of its worldwide power stations with International Power, the article said. GDF Suez will take a stake of approximately two-thirds in International Power via an issue of new shares, the item added.

GDF is also to pay shareholders a GBP 1.2bn (EUR 1.44bn) to GBP 1.3bn special dividend, the report continued. The enlarged group would have a market capitalisation of EUR 58bn (USD 77.02bn), the article added.

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