GDF Suez : A French energy giant is born
As the official website was launched today, I would like to write about this major event in the energy industry. After two years of talks a new giant energy company is born : GDF Suez.
The company is the product of the merger of Gaz de France and Suez. The group weights nearly 75 billion euros or 118 billion US Dollars, which is more than Gazprom (67 billion euros)
Other thing that has to be noted, Suez Environnement was launched on the stock market as an independent company.
Below is the official press release :
The Combined Ordinary and Extraordinary SUEZ Shareholders’ Meeting, chaired by Gérard Mestrallet, Chairman and CEO, was held July 16, 2008 to deliberate and decide upon transactions necessary to the merger of SUEZ and Gaz de France.
The Shareholders’ Meeting approved by nearly 100% the six resolutions presented on the meeting’s agenda, including:
- the merger of SUEZ with Gaz de France; and
- the market listing of SUEZ Environment and distribution to SUEZ shareholders of 65% of the capital of SUEZ Environnement.
The merger between SUEZ and Gaz de France will create a world energy leader with top-flight positions in natural gas and electricity.
The new Group will enjoy outstanding advantages to meet the 21st century’s major challenges and seize its opportunities, particularly in energy supply security, major development of energy infrastructure and new and renewable energy sources, as well as reduction of greenhouse gas emissions.
GDF SUEZ will have a work force of close to 200,000 employees throughout the world, with 2007 revenues of EUR 74.3 billion.
The merger will be effective on July 22, 20082. The first day of trading in GDF SUEZ and SUEZ Environment shares will take place the same day.