GDF Suez in new takeover talks with International Power

19th July 2010, Comments 0 comments

French energy giant GDF Suez said Monday it has renewed talks for a possible merger with its British competitor International Power, after a first offer failed earlier this year.

GDF Suez announced in a statement "that it is in preliminary discussions with International Power regarding a possible combination of International Power and GDF Suez Energy International Business Areas (outside Europe) and certain assets in the UK and Turkey."

International Power, which has interests in 45 power stations around the world and owns six power plants in Britain, also announced the preliminary talks in a separate statement in London.

International Power's share price surged 9.22 percent on the London Stock Exchange to 346 pence per share.

If the discussions are successful they would lead to the creation of an enlarged International Energy group, which would remain on the London stock exchange, and in which GDF Suez would be the major shareholder, both companies said.

© 2010 AFP

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