Electrabel first announced that it was studying the acquisition of Suez-Tractebel on March 8, 2007, and on July 19, 2007, the company’s board unanimously approved the decision. The transaction was carried out on July 24, 2007.
Electrabel said that the deal has been examined by a committee of independent directors, and assisted by a legal and financial advisor chosen by the body. The committee concluded that the operation was fair and relevant to Electrabel.
The main operational assets of Suez-Tractebel are: Suez Energy International, Tractebel Engineering (consulting engineering firm) and stakes in Distrigas and Fluxys.
The acquisition reinforces the development potential of Electrabel within the Suez group around the world, from both an organizational and a strategic point of view. It will also help to promote synergies within Suez, including convergence between gas and electricity, and the group’s capacity to develop new projects.
Electrabel said that this streamlining of Suez’s structure and its financial management does not change the existing operational organization in any way; in particular, the organization of the group’s Suez Energy Europe and Suez Energy International units.
