Reuters: Deals: France's GDF makes $9.5 billion move on Intl Power

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France's GDF makes $9.5 billion move on Intl Power Mar 29th 2012, 10:18 LONDON | Thu Mar 29, 2012 6:18am EDT LONDON (Reuters) - France's GDF Suez (GSZ.PA) is ready to pay 6 billion pounds ($9.5 billion) for the 30 percent of British electricity producer International Power (IPR.L) it does not already own. International Power, already 70 percent owned by the French utility, said in a statement on Thursday that GDF had made an indicative approach, proposing to pay 390 pence a share for the remaining 30 percent of the company. The indicative offer is less than 2 percent above Wednesday's closing price of 383.4 pence. The stock was up 5 percent at 402.4 pence by 0950 GMT on Thursday. The approach values International Power, including the shares already held by GDF, at 19.9 billion pounds ($31.5 billion). The move on International Power follows market speculation in recent months that the French utility was set to table an offer for the remaining shares. GDF completed its acquisition of a 70 percent stake in the British firm in February 2011, creating the world's largest independent power producer. At the time it agreed not to bid for remaining shares for a period of 18 months but that lock-up expires on Aug 4. Analysts have said GDF Suez could buy out the outstanding 30 percent earlier with the agreement of International Power's independent non-Executive Directors. "The proposal is subject to certain pre-conditions and there can be no certainty that an offer will ultimately be forthcoming," International Power said in its brief statement. ($1 = 0.6309 British pounds) (Reporting by Adveith Nair; Editing by Paul Hoskins) Link this Share this Digg this Email Reprints

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