France's Pinault watching, not bidding for Suez: report

0 Comments | AFP, January, 2007

PARIS (AFP) — French billionaire Francois Pinault is not preparing a takeover bid for French utility group Suez, the Wall Street Journal reported in its weekend edition, citing people familiar with the siutation. French magazine Capital had reported Thursday that Pinault would make a bid of 70 billion euros (92 billion dollars) for Suez in early January and would then sell the company's energy assets to state-controlled Gaz de France (GDF).

The share prices of both companies gained more than 2.0 percent on Friday following the report, which led French stock market regulator AMF to ask Pinault to clarify his intentions. He will not launch a bid, the WSJ said, but "the businessman is however closely watching developments on the planned merger between Suez and state-run utility...