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 company Gaz de France and does not rule out making a move for some of Suez' assets should the proposed tie-up collapse".
Under a government-backed plan to create a French energy giant, Suez is set to merge with GDF later this year, but the initiative has faced political opposition and could be affected by the outcome of presidential elections in April and May.
The transaction, which can only be completed after July 1 according to a recent court ruling, would entail the effective privatization of state-controlled GDF, which is rejected by the Socialist opposition party and trade unions.
Francois Pinault is a close friend of French President Jacques Chirac and is the businessman behind luxury goods group PPR, the owner of fashion label Gucci.
No comments:
Post a Comment