logo
Share SHARE
FONT-SIZE Plus   Neg

International Power, GDF's ELECTRABEL Agree To Terms Of Recommended Cash Offer

GDF Suez SA (GDFZY.PK,GDSZF.PK) announced that the Independent International Power Plc, or IPR, (IPR, IPR.L) Directors and the Board of Directors of ELECTRABEL S.A., or EBL, reached agreement on the terms of a recommended cash offer to be made by EBL pursuant to which EBL will acquire the entire issued and to be issued share capital of IPR not already directly or indirectly owned by it. EBL is a wholly owned subsidiary of GDF SUEZ.

As per the terms of the Offer, IPR Shareholders will be entitled to receive 418 pence in cash for each IPR Share held. In addition, IPR Shareholders will retain the right to receive the final dividend of 6.6 Euro cents per IPR Share for the year ended 31 December 2011, as previously announced on February 8, 2012. The Offer values the entire issued and to be issued share capital of IPR at approximately 22.8 billion pounds, assuming full conversion of IPR's Convertible Bonds and exercise of share options.

The Offer of 418 pence represents a premium of approximately 3.5 per cent. to the Closing Price per IPR Share of 403.9 pence on April 13, 2012. The Offer will be funded from a combination of the GDF SUEZ Group's existing bank facilities and cash resources.

Commenting on the Offer, Gérard Mestrallet, Chairman and CEO of GDF SUEZ, said,

"The acquisition of the minority stake in International Power, based on strict financial discipline, constitutes a major step in the development of the Group. It will allow the Group to fully capture growth in fast growing markets. The Offer is accretive on earnings for shareholders and also establishes a basis for long term and solid growth."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
French car maker Renault SA reported Friday higher profit in its fiscal 2015, with strong growth in automotive profit and revenues. The company announced higher dividend. Looking ahead, for fiscal 2016, Renault expects to increase group revenues at constant exchange rates and improve group operating margin. Shares of Rolls-Royce Holdings Plc were gaining around 13 percent in the morning trading in London after the engine maker reported more-than doubled profit in its fiscal year 2015, with lower one-time items. Underlying earnings were hurt by weakness in Marine markets. Further, the company halved its dividends, and still expects lower revenues next year. German steel giant ThyssenKrupp AG reported a loss in its first quarter, compared to last year's profit as sales and orders were hurt by sharp deterioration in materials businesses. The company said its overall performance in the first quarter was within its full-year forecast corridor. Looking ahead, the company continues to expect higher net income and flat sales for fiscal 2016.
comments powered by Disqus
Follow RTT