Gas Natural wants to reflect on the presence of Suez in its capital
The GDF-Suez merger project raises questions about the fact that GDF competes with Gas Natural.
Antoni Brufau, vice-president of Gas Natural, announced Thursday, September 27, the intention of his group and its shareholders to conduct a "reflection" on the presence of Suez in the capital of the gas company.
The GDF-Suez merger project "deserves a reflection" because of the fact that GDF is a competitor of Gas Natural, explained the man who is also president of the Hispano-Argentinian hydrocarbon group Repsol YPF.
Fears that manifest themselves a week after the Spanish government has shown signs of mistrust against the future French giant. Repsol owns 30.85% of Gas Natural, while Suez has a 10.07% stake in the Spanish gas group, according to data from the stock exchange authority CNMV.
What implication?
"Gas Natural and Repsol will have to reflect together with the other shareholders on the implication" of the merger between Suez and Gaz de France. Antoni Brufau did not want to indicate whether it was planned to limit Suez's voting rights in Gas Natural, as may be the case in certain situations to preserve competition in a sector.
The merger between Suez and Gaz de France will have an impact for Gas Natural, "because there is now a new player in the field who is offering much more brutal competition than before," he said.
Suez has asked the Spanish National Energy Commission (CNE) to increase to 11.03% of the capital of Gas Natural, which asked for more Recently, Suez rose to the capital of Gas Natural, which had been perceived by some observers as a movement intended to ensure a "plan B" in the event of failure of the merger with the public group, which has lasted since February 2006.
Not hostile offer
On September 10, a government source revealed that Madrid could argue that Gaz de France-Suez would enjoy unfair advantages over its competitors because of the regulated tariffs, higher, practiced in France, and that this could be opposed to French claims in the event of an offer for a Spanish group.
"Spain interests us", but "we will not make a hostile offer, on anyone," said Gérard Mestrallet, CEO of Suez and future boss of GDF-Suez.
He also specified that the group did not intend to increase its share in Gas Natural.
Finally, Antoni Brufau returned to the European energy sector, currently "in a consolidation phase", with groups seeking to position themselves as a leader in the future European market. Gas Natural is among those who were in the running to take control of the Spanish electrician Endesa, the birth of GDF-Suez is scheduled for 2008 and the first two operators in the Netherlands, Essent and Nuon, are trying to marry.
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