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

PSEG Solar to acquire Maryland solar project from juwi

PSEG Solar Source will acquire a 12.9-MW solar energy facility near Waldorf, Maryland from juwi solar (JSI). The PSEG Waldorf Solar Energy Center will increase the capacity of PSEG Solar Source's portfolio to 123-MW.

PG&E discloses more emails with state regulators

California's largest power utility released a dozen more emails Monday that it said showed improper back-channel discussions between the utility and top state regulators.

Follow Power Engineering on Twitter
Latest News

MHPS to supply M501J gas, steam turbines to new combined-cycle power plant in Korea

Mitsubishi Hitachi Power Systems (MHPS), jointly with Marubeni Corp., has received an order f...

Business leaders throw support behind coal plant proposal

Business leaders on Thursday outlined the economic devastation they say could come if New Mex...

TVA seeks public comment for future coal ash storage at Bull Run

The Tennessee Valley Authority (TVA) is asking for public input on plans to expand dry onsite...

California Public Utilities Commission Approves NRG Energy’s Carlsbad Energy Center

California Public Utilities Commission (CPUC) has approved the SDG&E Power Purchase and T...

Vermont joins international effort to fight climate change

Gov. Peter Shumlin says Vermont has signed on to what he called a first-of-its-kind agreement...

Products May 2015

Callaway Energy Center's Replacement Reactor Vessel Closure Head Project

Replacing heavy equipment is one way utilities can extend the life and increase the reliabili...

Managing CCRs and Process Water: Why Handling Bottom Ash Wet May Remain The Best Option

The U.S. coal-fired electric generation industry once again finds itself in the crosshairs of...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover
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

Buyers Guide Categories

Power Industry Wire News

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free NDT Job Training to Vets, Disadvantaged Young Adults

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free ND...

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tech Talent

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tec...

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possible Delisting

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possi...

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 >>