GDF bid to buy rest of UK group rejected
GDF Suez's attempt to scoop up the 30 per cent of International Power it does not already own stopped in its tracks today as the UK electricity group batted away its French suitor.
After six days of deliberation, International Power's independent board committee unanimously rejected GDF's 390p-a-share indicative offer – which prices the outstanding stake at £6.2bn – on the grounds it undervalues the company.
The six-strong committee of independent directors, led by Sir Neville Simms and advised by Morgan Stanley, Barclays and Nomura, is thought to be holding out for a rise of 15p a share to 405p, valuing the remaining take at £6.4bn.
The bidder immediately threatened to walk away from its approach to take full control of the company. But it also kept open the option of making a higher bid.
GDF took control of International Power in February last year, creating the world's largest power utility in a deal that saw the French group injecting its non-European assets into its UK target and taking 70 per cent of the resulting entity.
- 1 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
- 2 The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
- 3 British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
- 4 Vagina canoe artist facing two years in jail defends herself over ‘obscenity’ charges
- 5 The Queen’s speech 2014: Recap and Twitter reaction to Game of Thrones reference
PlayStation and Xbox hacked by Lizard Squad
Antonio Martin shooting: Black teenager may have tried to ambush patrolman, says police officer's lawyer
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
Boxing Day snowfall set to push even more bargain-hunters online for sales
The 'Black Museum': After 150 years, public can visit police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Alex Salmond has 'broken his word to the Scottish people' says Scottish Lib Dem leader
iJobs Money & Business
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...
£43500 per annum + pension + holidays: The Jenrick Group: Night Shift Operatio...
£20000 - £25000 per annum + OTE £40,000 + Car + Pension: SThree: SThree are a ...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...