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PARIS-Gaz de France on Monday agreed to create the world's third-largest listed power and gas company after President Nicolas Sarkozy stepped in to prevent the 18-month old deal from collapsing.The politically charged "merger of equals", delayed by disputes over valuation and control, will be on the basis of 21 Gaz de France shares for 22 Suez shares and involves the partial spin-off of Suez's water and waste-management activities.The groups unveiled the agreement after talks to solve a financial impasse over an earlier deal brokered by a previous conservative government to prevent a foreign takeover of Suez.Their boards adopted new merger terms on Sunday after Sarkozy put pressure on Suez to abandon most of its historic water and waste assets and focus on electricity and gas.Suez Chairman Gerard Mestrallet put a brave face on the decision to float 65 percent of the environment business despite his earlier public insistence that it was central to Suez.At a presentation on the deal, he praised Sarkozy's "industrial vision," which analysts called the latest example of a hands-on industrial policy by France's newly elected leader.After the environment spin-off, the new group is valued at around 78 billion euros ($107 billion) and will vie with France's EDF and Germany's E.ON amid European deregulation.To read more go to:
As in the days of Noah....
