French energy giant GDF Suez has completed its takeover of Britain’s International Power, creating the world’s second-largest electricity producer.
The European Commission cleared the takeover last week on condition it sell some assets in Belgium to avoid dominating power generation in that country. The deal had already been approved by US, Canadian, Australian, Brazilian and Turkish authorities.
GDF Suez and International Power announced last August that the French company would pay a total price of GBP1.4bn ($2.2bn) for the UK utility, which operates 45 power plants worldwide.
The French giant was formed in 2008 by the fusion of public enterprise Gaz de France and Suez, a private Franco-Belgian company. It specializes in processing liquefied natural gas and energy production.
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