Bloomberg News

GDF Offers $9.5 Billion for Remaining International Power Stake

March 29, 2012

The headquarters of GDF Suez SA stand at La Defense in Paris. Photographer: Nigel Dickinson/Bloomberg

The headquarters of GDF Suez SA stand at La Defense in Paris. Photographer: Nigel Dickinson/Bloomberg

GDF Suez SA (GSZ), Europe’s biggest utility by market value, will offer 6 billion pounds ($9.5 billion) for the shares in International Power Plc (IPR) it doesn’t already own.

The board of International Power said in a statement it received an indicative proposal of 390 pence a share for the 30 percent not already owned by GDF. Shares in International Power jumped as much as 6 percent to 406.4 pence, the biggest gain since July 2010.

The non-binding offer represents a premium of 1.7 percent to London-based International Power’s closing price yesterday.

International Power agreed to merge assets with Paris-based GDF last year, boosting its gross generation capacity to more than 70,000 megawatts in 30 countries. The agreement involved combining International Power divisions with GDF assets in Turkey, the U.K. and outside Europe, creating the world’s second-biggest power producer.

International Power said today’s statement was made without the consent of GDF.

To contact the reporter on this story: Stephen Cunningham in London at scunningha10@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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