French power utility GDF Suez (GSZ) has offered £6bn for the 30 per cent of International Power that it does not own already, as it seeks to secure the full benefits of the electricity generator’s rapidly expanding operations in Asia, Latin America and the Middle East.
FT reports that the indicative offer of 390p a share for the rest of the British company’s capital comes after weeks of market rumours about a possible deal.
GDF became the world’s largest power utility on all measures after buying 70 per cent of Britain’s IP last year. Analysts had expected the company to wait until the end of an 18-month lock-up period before bidding for the rest of the group in August.
However, Gérard Mestrallet, GDF’s chief executive, acted more quickly in part because of the sharp rise in International Power’s share price in recent months. The British company was first approached about the offer in recent days.
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