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.
Le Pen family punch-up: Jean-Marie steals the limelight from Marine on May 1. Photo: AFP
France's far-right National Front chief Marine
Le Pen said on Sunday her father should "no longer be able to speak in the name of" the party.
A makeshift boat filled with migrants spotted last month by an Italian Navy ship, in the Mediterranean sea near Lampedusa. Photo: Italian Navy
A French navy ship sent to boost EU migrant patrols in the Mediterranean rescued 217 people Saturday off the coast of Libya, officials said.
Charlie Hebdo's editor-in-chief, Gerard Biard(L) speaks as film critic, Jean-Baptiste Thoret, looks on. Photo: AFP
Two of the surviving journalists from French satirical weekly Charlie Hebdo brushed off controversy over a literary award on Friday.
Photo: Thomas Samson/AFP
Bare-chested Femen activists making Nazi salutes disrupted a speech by France's far-right leader Marine Le Pen for five minutes Friday at her National Front's traditional May 1st rally in Paris.
Convicted killer Jaime Martinez (c). Photo: Aizar Raldes/AFP
A Bolivian court on Thursday upheld the 30-year prison sentence of a man convicted of killing a young French couple in 2010.
Around 80 tents are home to around 250 migrants near La Chapelle Metro station. Photo: The Local
In recent weeks almost 500 refugees who have made their way to France via the notorious migrant boats across the Mediterranean have set up camp at two locations in the heart of Paris. But many tell The Local they have no plans of staying in the French capital.
Eight people have been charged in France over horsemeat trafficking.
French authorities have charged eight people over their alleged role in a Europe-wide horsemeat trafficking ring dismantled last weekend, a judicial source said Thursday.
Central African Republic
French soldiers on duty in Central African Republic are met by President Hollande. Some have been accused of raping young boys. Photo: AFP
UPDATED: France has denied any cover-up after allegations its soldiers raped young boys in the Central African Republic. Paris has opened up a formal investigation, with President Hollande promising "no mercy" if the troops are found guilty.
France has struck a deal with Qatar for 24 Rafale fighter jets. Photo: AFP
French group Dassault Aviation is poised to sign a multi-billion-euro deal with Qatar for 36 of its Rafale fighter jets, the presidency and sources said Thursday, the third foreign order this year.
The girl was found dead on the ground outside her apartment. Photo: AFP
A 15-year-old French girl has taken her own life after an intimate film featuring her and her boyfriend was shared online, leading to her being the victim of some vicious online bullying and blackmail.