GDF Suez completes takeover of International Power
French energy giant GDF Suez said Thursday it had completed its takeover of Britain's International Power, creating the world's second-largest electricity producer.
"The completion of this transaction creates a high growth, world leading independent power generation company," Sir Neville Simms, Chairman of International Power, was quoted as saying in a statement after the two firms announced the closing of the deal.
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 92 pence per share to International Power stakeholders for a total price of 1.4 billion pounds (1.6 billion euros, $2.2 billion).
The French giant was formed in 2008 by the fusion of public enterprise Gaz de France and Suez, a private Franco-Belgian company. It specialises in processing liquefied natural gas and energy production.
International Power runs 45 power plants worldwide.
© 2011 AFP