Pinault drops bid for French utility group Suez

19th January 2007, Comments 0 comments

PARIS, Jan 19, 2007 (AFP) - French billionaire Francois Pinault said on Friday he had secured financing to launch a takeover bid for French utility group Suez, but would refrain from doing so because the environment was not "sufficiently calm".

PARIS, Jan 19, 2007 (AFP) - French billionaire Francois Pinault said on Friday he had secured financing to launch a takeover bid for French utility group Suez, but would refrain from doing so because the environment was not "sufficiently calm".

A statement issued by Pinault's holding company Artemis read: "Artemis confirms that it has been exploring the opportunity of a public offer for the shares of Suez.

"With this idea in mind, Artemis obtained the necessary financial commitments to successfully conclude such an operation."

However, the statement continued "the current conditions have not created a sufficiently calm environment to make an offer".

The French financial market operator AMF had given Artemis until February 2 to launch a takeover bid for Suez.

French press reports earlier this month said Pinault planned to bid 70 billion euros (92 billion dollars) for Suez and would then sell the company's energy assets to state-controlled Gaz de France (GDF).

Suez, which specializes in energy, water and sanitation activities, was set to merge with GDF later this year, but the government-backed initiative has faced political opposition nd could be affected by the outcome of presidential elections in April and May.

Copyright AFP

Subject: French News

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