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
Cable-cutters have now one more reason to do so as live television streaming will be available on YouTube TV in 14 more markets in the U.S. Facebook Chief Operating Officer Sheryl Sandberg has donated nearly $100 million in Facebook shares to charity. This is her second charitable donation within a year. A document was filed on Thursday with the Security and Exchange Commission, which shows that Sandberg transferred shares to a special fund she uses for charitable donations. Ford Motor Co.'s new CEO Jim Hackett has taken a more cautious approach to the automaker's plans for rolling out autonomous vehicles. Ford is currently undertaking a 100-day review of its operations and Hackett indicated at delays to the company's plans to launch a fully-autonomous vehicle by 2021.
comments powered by Disqus
Follow RTT