GDF SUEZ confirms its worldwide energy player strategy by completing the acquisition of International Power’s minority shareholding
GDF SUEZ has today completed the acquisition of International Power’s minority shareholding following the approval of the transaction by the British authorities. GDF SUEZ now holds 100% of the share capital of the world’s leading independent power producer.
This transaction constitutes a major strategic milestone reinforcing GDF SUEZ’s unique development platform in fast growing markets, where it has the ambition to increase the share of its development capex from 30% to 40%-50% in the medium term.
The transaction will also enable the Group to take full advantage of the synergies generated by the combination of GDF SUEZ and International Power in 2011.
The completion of the transaction occurs less than three months after the unanimous recommendation by the independent board members of International Power.
Trading of International Power shares on the London Stock Exchange was suspended on 28 June 2012 at 7.00 a.m. (London time), and the listing will be cancelled with effect from 2 July 2012 at 8.00 a.m (London time).
The payment of the price of 418 pence per share (cash consideration and/ or loan note certificates according to the shareholders choice) will occur no later than 13 July 2012, in line with the terms of the scheme document published by International Power on 14 May 2012.
The balanced financing structure between financial flexibility, additional disposals and share dividend preserve the attractive fundamentals of the Group.
Moreover, the board of directors of GDF SUEZ confirmed the principle of an interim dividend of €0.83 per share for the 2012 period that would be paid on 25 October 2012 with an ex-date on 25 September. As announced on 2 April 2012, the GDF SUEZ’ shareholders will have the possibility to receive such interim dividend for 2012 in shares. It is worth noting that the French State and the GBL Group have already committed to elect for this option.
Gérard Mestrallet, Chairman and CEO of GDF SUEZ commented: “I am pleased to announce the completion of this transaction, which represents a key milestone in the development of GDF SUEZ overseas and enables the Group to assert itself as the leading utility in the emerging world”.
GDF SUEZ develops its businesses around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, combating climate change and optimizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: liquefied natural gas, energy efficiency services, independent power production and environmental services. GDF SUEZ employs 218,900 people worldwide and achieved revenues of €90.7 billion in 2011. The Group is listed on the Brussels, Luxembourg and Paris stock exchanges and is represented on the main international indices: CAC 40, BEL 20, DJ Stoxx 50, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, ASPI Eurozone and ECPI Ethical Index EMU.