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.
Harry Potter actor suffered 'severe flu-like symptoms' on a flight from London to Orlando
First full-length look is finally here
Rap music mogul accused of running two men over in his truck
World cities ranked in terms of safety, food security and 'liveability'
"Oink! Oink! Hee hee hee!" First interview with the big-screen star
Biohacking group hopes technology will lead people to think about even more dystopian uses
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...