France’s GDF Suez in deal to control Britain’s International Power as H1 profits rise

GDF to control International Power as profits rise

PARIS — GDF Suez SA says it will control Britain’s International Power after the two companies agreed a tie-up deal and as the French utility reported a 9.3 percent rise in first half profit.

Partially state-owned GDF Suez, which said Tuesday that net profit rose to €3.6 billion, will combine some its non European, Turkish and British assets with International Power to firm a new company to be called New International Power.

GDF Suez will own 70 percent of the company, with International Power shareholders owning the remaining 30 percent.

GDF Suez will pay shareholders of International Power 92 pence (€1.10, $1.45) per share.