International Power plc and GDF SUEZ Successfully Create a Global Leader in Independent Power Generation
FEBRUARY 3, 2011 – The Boards of International Power plc (the "Company") and GDF SUEZ are pleased to announce that closing of the Combination of International Power and GDF SUEZ's Energy International Business Areas (outside Europe) and certain assets in the UK and Turkey ("GDF SUEZ Energy International") occurred today.
The combined business creates a global leader in independent power generation with over 66,000MW of gross capacity in operation and committed projects expected to deliver 22,000MW of gross capacity by 2013, with strong positions in major regional markets and an attractive growth profile.
Sir Neville Simms, Chairman of International Power said: “The completion of this transaction creates a high growth, world leading independent power generation company. This is a major milestone in the development of International Power. The enlarged group has a strong pipeline of committed new-build projects already in the course of construction, and enhanced access to further significant growth opportunities through its broader global presence. The group has a robust capital structure with improved access to attractively priced capital that will underpin the delivery of value enhancing growth for all shareholders."
Gerard Mestrallet, Chairman and CEO of GDF SUEZ said: “I am very pleased and proud we have successfully combined our activities with International Power. Together we have created a unique Group with highly skilled people. International Power offers an attractive growth profile with an unparalleled and balanced portfolio of assets. Our new Group is ideally positioned in the regions where 80% of tomorrow’s new production capacities needs will occur.”
This is a truly defining transaction for GDF SUEZ, illustrating its philosophy and strategy of long-term development based on industrial partnerships. It consolidates the international leadership of GDF SUEZ in the global utilities sector, moving the Group into first place in terms of annual revenue (over €84 billion in 2009). It also makes GDF SUEZ the nº 1 utility by volume of gas managed in Europe (more than 1,300TWh) in addition to its leading position in energy services. This combination will sharply accelerate the GDF SUEZ's industrial development and boost its total production to more than 107,000MW in installed capacity, which will increase to 134,000MW within 3 years after projects currently under construction are brought online.
An aggregate of 3,554,347,956 new International Power ordinary shares (the "New Ordinary Shares") have been issued in connection with the Combination to subsidiaries of GDF SUEZ. Admission to listing on the Official List of the UKLA and to trading on the London Stock Exchange's main market for listed securities of these New Ordinary Shares, and re-admission of the Existing Ordinary Shares, occurred with effect from 8.00 a.m. today.
A special dividend of 92 pence per ordinary share will be paid on 25 February 2011 to shareholders (excluding holders of New Ordinary Shares) on the Company's share register on 11 February 2011 (the record date). The ex-dividend date will be 9 February 2011.
Following the issue of the New Ordinary Shares, the Company's issued share capital consists of 5,092,261,657 ordinary shares of 50 pence each with voting rights. Each ordinary share has equal voting rights and there are no shares held in treasury. This figure may be used by shareholders as the denominator for any calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company. The New Ordinary Shares in which GDF SUEZ is interested represent approximately 70% of the Company's total voting rights in issue as at 3 February 2011.
Terms used in this announcement have the same meaning as those defined in the circular sent to the Company's shareholders on 19 November 2010.