French state-controlled natural gas operator Gaz de France (1020848.FR) and French utility Suez (SZE.FR) Wednesday released official documents related to their merger, stating the merger would retroactively take effect from Jan.1.
The documents, published in the French official gazette Bulletin des Annonces Legales, also state that all of Suez assets and debt will be transferred to GdF and that financial conditions for the merger are to be based on the companies' financial accounts as of Dec.31, 2007.
The companies confirmed the merger will be based on the exchange of 21 Gaz de France shares for 22 Suez shares, with Gaz de France launching a EUR1.21 billion capital hike.
The companies also said that Suez will hold an extraordinary meeting of its shareholders to decide on the merger on Jul.16 in Paris at 0800 GMT and that GdF will hold an extraordinary meeting of its shareholders the same day, also in Paris, at 1330 GMT.
At 0725 GMT, shares in GdF were trading EUR0.4 or 1% lower at EUR43.95 and Suez shares were trading EUR0.7 or 1.5% lower at EUR47.30.