Monday, September 3, 2007

French energy

After months of discussions, a merger was announced this morning between two major French corporations in the energy domain: state-owned Gaz de France (the national utility handling natural gas) and part of the private group named Suez (processing of water and waste resources). The future conglomerate, to be called GDF-Suez, will be at least 35% state-owned. The final go-ahead for the proposed merger still has to be obtained from Suez shareholders, representatives of personnel and finally the European Commission. If all these authorizations are obtained, which appears likely, the merger will become a reality at some time in 2008. The new French giant will be the fourth-largest energy group in the world, following Gazprom (Russia), EDF (French electricity) and EON (Germany).

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