PARIS Jan 21 GDF Suez, which banking
and industrial sources said was seeking acquisitions of up to
$20 billion, has no plans for a major takeover and will grow
mainly by itself, the French utility's chief executive said on
The sources told Reuters that GDF had takeover approaches
for Canada-based Talisman Energy rebuffed late last
year and that its advisers had reviewed a number of sizeable
possible acquisitions including U.S. utility AES Corp.
"We have no plans for a major acquisition," CEO Gerard
Mestrallet told journalists in Paris. "I formally deny that we
have made a bid for the 'T' company, as mentioned in the press."
Buying Talisman in a $17 billion deal including debt would
have propelled GDF into upstream operations and strengthened its
presence in fast-growing parts of South America and Asia. Yet
the two sides struggled to agree on terms, and GDF's latest
attempt with a written offer for part of Talisman in early
December was rejected by the latter's board, the sources said.
One of the sources told Reuters that GDF had offered a
"low-ball price" with a "very small chance" of being accepted.
The two sides had not been in contact since.
Mestrallet also said on Tuesday that GDF had no plans to
list shares in its Cofely energy services unit on the stock
"We are not at all considering an IPO (initial public
offering) for that activity, which is an enormous asset for our
group," he said.
Mestrallet said Cofely had total sales of about 16 billion
euros ($21.7 billion). GDF Suez had 97 billion euros of revenue