Gaz de France and Suez declare merger

14 September 2007

One of Europe’s biggest gas and electricity players with a combined stock market capitalisation of approximately €90 billion and revenues of €72 billion is to be created with the merger of Gaz de France and Suez.

One of the top three listed utilities worldwide, the merger of equals will take place on the basis of 22 GdF shares to 21 shares of Suez and the French state will hold more than 35% of the total capital of the merged group.

The company will be the number five and number two European and French power producer respectively and hold major positions in both gas and LNG including the number one buyer and seller of gas in Europe, the number one importer and buyer of LNG in Europe, the largest gas transmission and distribution network operator in Europe and the second largest storage and LNG terminal operator in Europe.

Operational synergies of about €1 billion per year are estimated by 2013 as a result of the alliance, including approximately €400 million by 2010.

The merged group will be lead by Suez’ Gérard Mestrallet as chairman and chief executive officer, while GdF’s Jean-François Cirelli will act as vice-chairman and president.

The transaction will close as early as possible, in 2008.

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