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

4/16/2012 2:41 AM ET

GDF Suez SA (GDFZY.PK,GDSZF.PK) announced that the Independent International Power Plc, or IPR, (IPR: Quote, 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."

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by RTT Staff Writer

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