China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Gaz de France backs Suez merger plan: source
PARIS (Reuters) - The board of Gaz de France GAZ.PA on Sunday approved plans for a merger with private utility Suez (LYOE.PA), a source close to the board said.
The deal kickstarts a merger plan originally adopted in early 2006 but which stalled due mainly to political problems over the privatization of GDF and concerns over valuation.
Completing the revised deal, which was drawn up following the intervention of French President Nicolas Sarkozy, could take another 12 months, the source said.
"The board voted in favor of a text which goes in this direction. But we have a complex process ahead of us. It could take a year," the source said.
Suez's board also met earlier.
Both companies declined to comment.
Financial terms of the deal will be disclosed in a statement around 0600 GMT (2 a.m. EDT) on Monday.
