PARIS (Dow Jones)--The works council of Franco-Belgian utility Suez (SZEZY) Thursday said it was in favor of the company's merger with state-controlled gas firm Gaz de France (1020848.FR), but against the spinoff of Suez's environment operations.
The works council said in a statement that it had approved the merger by a majority while the divestment of 65% of Suez Environnement's capital had met with unanimous disapproval.
Suez plans to sell shares in its environment operations as part of the planned merger with GdF to bolster the French state's holding in the new entity and to bring the values of the two companies closer into line.
Company Web site: http://www.suez.com