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Gaz de France CEO says "all necessary steps" to be made for merger with Suez

Gaz de France CEO says "all necessary steps" to be made for merger with Suez

Jean-Francois Cirelli, chairman and chief executive of Gaz de France, said Thursday he would take every step necessary to bring the company's stalled merger with Suez SA to fruition.
Speaking at the World Economic Forum's annual meeting in Davos, Cirelli said he told his company's board that he intends to increase cooperation with Suez for a final shareholder decision on the proposed merger.
The government-brokered deal between GdF and Suez stalled after the French Constitutional Council effectively postponed the tie-up by seven months when it ruled that the government could not reduce its stake in GDF to below 50 percent before July 1, well after the presidential election this spring.
French Socialist presidential candidate Segolene Royal Tuesday said she would block the planned tie-up if she wins the vote.
Under the merger plan, announced by the French government last February, GDF would acquire Suez in a one-for-one stock swap that currently values the Paris-based energy, waste and water services company at euro45.6 billion (US$59.3 billion). The deal would also include a euro1 (US$1.30) per share special cash dividend to Suez holders if successful.


Updated : 2021-05-14 10:22 GMT+08:00