Suez, GDF say regulator approves merger

PARIS (AFP) — The French financial market regulator AMF has approved the long-planned merger of giant gas utility Gaz de France and French energy group Suez, the companies said on Monday.

The boards of the two companies earlier this month approved the merger. The companies said Monday they would hold a joint board meeting on July 22 after the AMF approval.

The plan to create a giant French energy group, which would be one of the largest in the world by market capitalisation, has been dogged by controversy and delays since it was announced two years ago.

According to a new plan mooted in September, 22 Suez shares will be swapped for 21 GDF shares.

The difference in market value between the two groups will be made up by ...