French power group GDF Suez's (GSZ.FR) deputy-chief executive, Jean-Francois Cirelli, Thursday said that the group doesn't plan any job cuts once the merger with International Power PLC (IPR.LN) is finalized.
French power group GDF Suez's (GSZ.FR) deputy-chief executive,
Jean-Francois Cirelli, Thursday said that the group doesn't plan any job cuts
once the merger with International Power PLC (IPR.LN) is finalized.
Speaking in an interview with French radio BFM, Cirelli said that the group's
management offered union representatives guarantees that there wouldn't be any
job cuts in France and in Europe, as the group agreed to merge assets globally,
consolidating their position in the U.K. and the U.S. while strengthening their
business in fast-growing emerging markets.
Under the terms of the transaction, GDF Suez will inject its assets outside of
continental
Europe
into International Power in a
tie-up that would create the world's largest independent power producer with
more than 66.1 gigawatts of generating capacity.
GDF Suez "will always favor jobs," Cirelli said, as "our businesses
are doing well and growing."
The group announced last week that it wasn't requesting any hike in French
natural gas regulated tariffs from the government in October, as it already
obtained a hefty increase in July. This was "only to match higher supplying
costs," Cirelli said, adding that the company had managed to renegotiate
contracts with its Norwegian and Algerian suppliers.
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