Investors unhappy with GDF Suez plans
Published: 06 Dec 2012 13:14 GMT+01:00
Shares in GDF Suez plunged by over 14 percent on Thursday after the French-based energy group announced a vast restructuring plan that aims to cut its debt by a third in the next two years.
The company's shares were down by 14.15 percent to 14.80 euros in morning trading on the Paris stock exchange that was up 0.52 percent overall.
GDF Suez chief executive Gerard Mestrallet said that the plan, announced the previous evening after markets closed, could be achieved without
The company is targeting 3.5 billion euros ($4.6 billion) in savings by 2015 and aims to reduce its debt by a third to 30 billion euros by the end of 2014.
"GDF Suez is in the process of transforming itself from a traditional European utility to a leading global actor in the energy market," said Mestrallet.
GDF Suez is the top independent electricity producer in the world and is also a leading natural gas distributer and provider of water and waste services.
The natural gas market is still regulated in France and the company estimated that it lost 185 million euros in the second half of this year due to a price cap that has since been ruled illegal.
A champagne vineyard in Villenauxe-la-Grande, near Epernay, eastern France. Photo: Alain Julien/AFP
The historic vineyards and wine cellars of the Champagne region, where the world's most famous sparkling wines are produced, were listed as a world heritage site by UNESCO on Saturday.
Calais migrants' crisis
Migrants climbing into the back of a lorry in Calais, northern France. Photo: Philippe Huguen / AFP
Traffic along the Channel Tunnel connecting Britain and France was disrupted late Friday night when dozens of migrants attempted to enter restricted areas of the tunnel in Calais, officials said.
Authorities in Paris are to open parks at night to allow the the capital's residents to cool off, while one MP has proposed a new law allowing workers to go home when the mercury hits 35C.
Guestblog - "J'aime McDo"
Why do the French love McDonald's? Photo: AFP
In the country that invented haute cuisine – Janine Marsh, editor of The Good Life France, asks "Just why are the French so-Mcdo-pro?"
Taxi drivers called for an end to UberPop and they've got what they wanted, for now at least. Photo: AFP
Uber announced on Friday that it will be suspending its UberPop in France a week after the government and taxi drivers declared war on the controversial service.
Being stuck in a car or a train will not be pleasant this weekend. Photo: AFP
It promises to be a hot weekend on roads around France and not just because of the heatwave. With the summer holidays about to start, warnings have been issued to motorists.
The Tour de France, the world's most famous bike race gets underway on Saturday with French authorities promising security will be their top priority with the country on heightened terror alert.
A box of donuts, one million of which will be on there way from France to the US.
Imagine a French customer putting an order in with a US firm to send one million croissants over the Atlantic. Well, the opposite happened this week.
Tyres were set on fire, roads were blocked and manure dumped outside supermarkets on Thursday as thousands of struggling French farmers, angry at low prices, staged protests across the country.
Paris Town Hall sent a clear message to McDonald’s this week, telling the US fast food giant, it would do “everything possible” to stop it opening a new giant outlet in an historic area of the capital.