UK utility giant International Power has confirmed that it has received a non-binding indicative proposal from French electricity giant GDF Suez to buy-up the remaining stake in the firm.
The 390p-a-share cash approach - for the remaining 30% interest in International Power that it does not already own - is a slight premium to yesterday's closing price of 383.4p and values the business at just under £20bn.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"The proposal is subject to certain pre conditions and there can be no certainty that an offer will ultimately be forthcoming or on the terms on which any offer might be made," International Power said in a statement.
"IPR shareholders will be kept informed of relevant developments and in the meantime are advised to take no action."
BC
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
