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Friday, 05 December, 2008, 16:50 GMT | more >>

Suez boosts Gas Natural stake



By Upstream staff 

France's Suez plans to take an 11.3% stake in Spain's Gas Natural, in what it called a "friendly and constructive" move.

Suez said in a statement it had already increased its stake in Gas Natural to 9.95% and had agreed to buy a further 1.35% of its share capital as long as it received approval from Spain's energy market regulator to do so.

Suez had previously held 5.4% of Gas Natural and a source familiar with the situation told Reuters the extra 5.9% stake in Gas Natural would cost it €1 billion ($1.35 billion).

News of the stake purchase drove a 3.9% increase in the Spanish group's shares, which reached €43.

Shares in Suez, which said the purchase was compatible with its proposed merger with Gaz de France, were up 0.05% at €42.44.

Suez said it had informed Spanish market regulator CNMV that it had completed the acquisition of 4.55% of Gas Natural's share capital this year.

Gas Natural, whose main shareholders are Barcelona-based savings bank La Caixa and oil company Repsol with 30% each, holds a shareholders' meeting on Thursday.

Gas Natural said Suez's extra 5.9% stake came on top of a 0.4% direct holding and another 5% held via a company owned 51% by Suez and 49% by La Caixa.

The French company added that its investment in Gas Natural was in line with its strategy to expand in European energy and environment markets.


Tuesday, 15 May, 2007, 08:16 GMT  | last updated: Tuesday, 15 May, 2007, 08:16 GMT

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