France Approves Gas Merger
The French financial regulator, AMF, has approved a merger between Gaz de France and Suez. The merger is now free to go ahead provided that it receives shareholder approval at a meeting on July 22nd. According to a Platts report, the new company, to be called GdF Suez, will be the world’s fourth largest energy utility by market capitalization, behind only Gazprom (Russia), EdF (France) and E.ON (Germany). The company will control 25% of Europe’s LNG market. It is not clear what effect the merger will have on the European Commission’s ongoing anti trust investigation into GdF.
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