GDF buys up rest of British power company

International Power on Monday said it had agreed to an improved multi-billion-pound bid from French energy giant GDF Suez for the 30 percent of the British company it does not own.

GDF Suez, via it subsidiary Electrabel, has offered 418 pence per IP share, up from an initial bid of 390 pence, costing the French group £6.84 billion (€8.32 billion, $10.83 billion), according to a joint statement.

GDF Suez last year bought a majority stake in International Power, which owns 45 electric power plants worldwide.

“The acquisition of the minority stake in International Power, based on strict financial discipline, constitutes a major step in the development of” GDF Suez, the French group’s chief executive Gerard Mestrallet said in the statement.

“It will allow the group to fully capture growth in fast growing markets.”

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