France sold a 1.5 billion euro ($2 billion) stake in GDF Suez SA, the country’s largest natural-gas distributor, as it seeks cash to buy a holding in Alstom SA.
GDF Suez SA, operator of Europe’s biggest natural gas network, denied a report that it plans to lower its stake in water utility Suez Environnement.
Henri Proglio and Gerard Mestrallet, the Frenchmen who run the world’s biggest utilities, fought for a decade to win water contracts around the world. Now, the rivalry goes nuclear.
The head of France’s largest gas supplier said it’s working with European counterparts to prepare for any disruptions in supply from Russia as a result of the Ukraine crisis.
GDF Suez SA, the biggest buyer of gas in Europe, is considering a bid for Repsol SA’s liquefied natural gas assets, according to Chief Executive Officer Gerard Mestrallet.
Suez Environnement is “sheltered” from a hostile takeover offer even though a shareholder pact will expire in less than two months, Chairman Gerard Mestrallet told investors today.
GDF Suez SA, France’s largest natural-gas supplier, wrote down 14.9 billion euros ($20.4 billion) in asset values and goodwill and may cut dividends as Europe’s power market remains mired in its worst slump.
Europe is driving its largest power and natural-gas utility off the continent.
"In the long-run, the choice to reduce the share of Russian gas in Europe supply would be a major political decision. Public opinion should be completely informed of the much higher cost it would imply for European customers."
- Gerard Mestrallet on Apr 11, 2014