Gaz de France and Suez 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.
Gaz de France and Suez on Monday cleared the way to the creation of Europe's third-largest power company after their boards approved the revised terms of a politically charged merger plan. The companies' boards met late on Sunday to approve the deal, hammered out in government offices over the weekend.
African oil will be central to French energy major Total's efforts to hit its output targets this decade, its head of exploration and production told Reuters. Total is set to increase investment in the region, mainly in Nigeria and Angola, and to a lesser extent in Congo, Yves-Louis Darricarrere said.