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In the early 2000s Suez also owned some media and telecommunications assets, but later divested them. According to the Masons Water Yearbook 2004/5, Suez served 117.4 million people around the world. The company conducted a merger of equals with fellow utility company Gaz de France on 22 July 2008 to form GDF Suez [2] (called Engie since 2015).
Prior to the GDF Suez merger plans in 2006, the company existed as two separate French multinational corporations – Suez S.A. and Gaz de France. Suez was (and still remains, through GDF Suez) one of the oldest continuously existing multinational corporations in the world as the result of nearly two centuries of reorganisation and corporate ...
On 2 September 2007 the boards of directors of Gaz de France and Suez approved the new framework for the planned merger between the companies. The newly created company, GDF Suez, came into existence on 22 July 2008; the world's second-largest utility and a group of €74 billion of revenues. [13]
Formerly an operating division of Suez, the company was spun out as a stand-alone entity as part of the merger to form GDF Suez (now Engie) on 22 July 2008. [3] Engie remained the largest shareholder of the company with a 35% stake. [3] On the stock market, Suez Environnement's share jumped 40% in value on its first day. [4]
20 January 2011, GDF Suez, Iberdrola and RWE pulled out of the project, following ČEZ which had already left in 2010, citing "Economic and market-related uncertainties surrounding this project, related for the most part to the present financial crisis, are not reconcilable now with the capital requirements of a new nuclear power project". [7]
In February 2011, GDF Suez acquired a 70% interest in International Power. [3] [4] The purchase of the remaining 30% was announced by GDF Suez in April 2012, and the transaction closed in July 2012. [5] Following the acquisition, the company was renamed GDF Suez Energy International.
In 2005, Suez increased its stake to 96.7% and a squeeze-out of the remaining shareholders was completed on 10 July 2007, when the company was delisted from the stock exchange. Following Suez's 2008 merger with Gaz de France , Electrabel became a subsidiary of GDF Suez, which changed its name into Engie in 2015.