Rumours persist of hostile Suez bid

15 January 2007 - The management of French utility Suez faces a tough board meeting this week as Albert Frère, the French utility's largest shareholder, reinforces his position amid constant bid rumours.

Mr Frère, the Belgian billionaire who also sits on the Suez board, is thought to have bought more shares late on Friday even as he disclosed earlier purchases that took his GBL investment vehicle's stake from 9.1 to 9.5 per cent.

The latest purchases, which will have to be disclosed this week, will take him to about 10 per cent, with 15 per cent of the voting rights, according to people close to the company.

Mr Frère has reassured Gérard Mestrallet, the Suez chairman, that his stake- building is not hostile and that he supports the plan to merge with state- controlled Gaz de France (GdF). However, the fact he has acquired shares at a price significantly higher than the value being attributed to Suez under the difficult GdF merger deal has raised suspicions about his ultimate intentions.

"Suez is on bid alert," said one person close to the subject.

However, in an interview broadcast on Saturday, Mr Frère played down the possibility of a bid for Suez. "I don't believe it," he told Canal Z, the Belgian broadcaster. "But if it should come we will face it . . . The shareholders can trust me."

Speculation has been mounting that Mr Frère is looking at other ways to realise the merger of Suez energy interests with those of GdF, given the difficulties surrounding the deal.

Sponsored by FLSmidth

Related Articles

American wind power rebounds in 2014, but stable policy still needed

The fourth quarter 2014 wind energy industry report released yesterday by the American Wind Energy Association(AWEA) shows that the U.S. wind industry rebounded last year.

Weekly Coal Production Report

The Weekly Coal Production Report has been updated for the week ended January 24, 2015.

Follow Power Engineering on Twitter
Latest News
GE names two to leadership positions GE Power & Water Global Research

GE names two to leadership positions

GE (NYSE: GE) announced the appointment of two new company officers.

Preferred bidders picked for new UK nuclear power project

EDF Energy announced more preferred bidders for construction of the Hinkley Point C nuclear p...

Nuclear unit returns to service after water leak repaired

The 600-MW Fort Calhoun nuclear power plant in Nebraska was returned to full power after a le...

Exxon profit falls by half but production rises

Exxon Mobil Corp. profit dropped by half in the second quarter on sharply lower oil and gas p...

NY to give low-cost electricity to Amazon, Bausch & Lomb

New York state is giving low-cost electricity to 15 businesses around the state as part of a ...
TEPCO executives face charges in Fukushima accident

3 ex-TEPCO execs to face criminal charges

A Japanese judicial committee has decided that three former utility executives should face cr...
07/29 Henry Hub Average Natural Gas Spot Prices

07/29 Henry Hub Average Natural Gas Spot Prices

The Henry Hub is the pricing point for natural gas futures contracts traded on the New York M...

GE wind turbines to power British Columbia’s largest wind farm

GE today confirmed it will supply Pattern Development with 61 wind turbines for its 180-megaw...

Power Engineering Current Issue

01/01/2015
Volume 119, Issue 1
1501pe-cover-lg
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015

Buyers Guide Categories

Power Industry Wire News

Vantage Drilling Company Schedules Second Quarter 2015 Earnings Release Date and Conference Call

Vantage Drilling Company Schedules Second Quarter 2015 Earnings Release Date and Confer...

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

EnerJex Resources Declares Monthly Cash Dividend on 10% Series A Preferred Stock

FX Energy Schedules Second Quarter 2015 Financial and Operating Results Conference Call

FX Energy Schedules Second Quarter 2015 Financial and Operating Results Conference Call

Scorpio Bulkers Inc. Announces Purchase of 1,050,000 Common Shares by Scorpio Service Holdings Limited

Scorpio Bulkers Inc. Announces Purchase of 1,050,000 Common Shares by Scorpio Service H...

Magellan Petroleum Regains Compliance With NASDAQ Listing Requirements

Magellan Petroleum Regains Compliance With NASDAQ Listing Requirements

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>