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French utility Engie considers full bid for Suez - report
December 20, 2016 / 7:41 AM / a year ago

French utility Engie considers full bid for Suez - report

PARIS (Reuters) - French utility Engie (ENGIE.PA) is considering acquiring full control of Suez (SEVI.PA), in which it already has a 33 percent stake, French business radio station BFM reported, citing sources close to Engie.

The logo of French gas and power group Engie is seen on the company tower at La Defense in Courbevoie near Paris, France, February 22, 2016. REUTERS/Jacky Naegelen

BFM reported that Engie’s chief executive, Isabelle Kocher, had been lobbying leading French conservative and centre-right politicians over the idea. Political support is key as the French state holds 33 percent of Engie. A French presidential election takes place next year.

BFM added that Engie would make a decision on the future of Suez after next year’s French presidential election, due in April and May, and by the end of 2018.

Officials at Engie and Suez could not be immediately reached for comment on the report.

Suez has a market capitalisation of roughly 8 billion euros (6.69 billion pounds), while Engie’s market capitalisation stands at around 30 billion euros.

Reporting by Gwenaelle Barzic and Sudip Kar-Gupta; Editing by Andrew Callus

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