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.
Suez Environnement, Europe’s second- biggest water company, acquired a 3.95 percent stake in the Rome utility Acea SpA from GDF Suez SA to raise its shareholding to 12.5 percent.
GDF Suez Chief Executive Officer Gerard Mestrallet said he hadn’t bid to buy Canadian oil and gas producer Talisman Energy Inc.
Canadian stocks fell, after closing yesterday at a more than two-year high, as a drop in gold prices dragged mining companies lower while energy and consumer discretionary shares advanced.
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.
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 Chief Executive Officer Gerard Mestrallet says the French utility’s dividend is a sacred cow -- even at a world-leading 10.2 percent yield. Options traders don’t believe him.
Europe is driving its largest power and natural-gas utility off the continent.
European Union leaders have taken the necessary steps to deal with Ireland’s debt crisis, Gerard Mestrallet, chief executive officer of French utility GDF Suez SA , said in an interview with Agefi.