A French energy company named GDF Suez recently announced its takeover plans over UK’s International Power. The deal has been finalized at £1.4 billion and the project will make the company the biggest autonomous power producer.
The collaboration when formed will have a capacity of 66 GW and that will help it generate yearly revenue of €84 billion. GDF will be paying a special dividend of 92p per share in return of the 70% stake in the company. The new company will be renamed New International Power. The company will have employees of International Power and GDF. Together both the companies will try to increase their low carbon energy generation using renewable energy resources. The new company will have more capital and manpower to reach new heights.
With this merger GDF will be able to explore markets like UK, Australia, Latin America where it had did not have a strong hold before. GDF already owns 7 power stations in the UK and other assets overseas.
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With this sell off there are just 2 British owned energy providers in UK namely Centrica and Scottish & Southern Energy. Recently another UK firm Tomkins, which specializes in engineering and manufacturing was taken over by a Candian pension fund company. The trend of takeovers is very much visible wherein a lot of UK companies are being merged with their foreign counterparts.
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ReplyDeleteThe trend of takeovers is very much visible wherein a lot of UK companies are being merged with their foreign counterparts.