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French Energy Company buys out UK International Power.

French Company GDF Suez yesterday agreed to buy the remaining 30% of the energy company International Power that it currently does not already own.

The deal has been agreed on the revised price of 418 pence per share and the deal will come under the terms of “Scheme of Arrangement under the UK regulatory framework”.

This will mean that the deal will come to a close in Mid July this year pending on a approving vote from the minority shareholders of International Power.

Gérard Mestrallet, Chairman and CEO of GDF SUEZ said that “The acquisition of the minority stake in International Power, … constitutes a major step in the development of the Group. It will allow the Group to fully capture growth in fast growing markets. …We want GDF SUEZ to be the leading energy player in the emerging countries.”

The deal is said to be worth 10.2 billion and will make GDF SUEZ the largest worldwide energy company.

‘Image from sunshinecity’

This was posted in Bdaily's Members' News section by Heather Murdoch .