
Story Highlights
* Merger between utility giant Suez and Gaz de France agree to new conditions
* GdF Suez will have market value of $123.3 billion and revenues of $98.7 billion
* Suez CEO Gerard Mestrallet will be chairman and chief executive
The long-stalled merger between utility giant Suez and state-owned Gaz de France has been approved after the boards of both companies agreed to the creation of a second national energy giant, the two companies said Monday.
The new company, called GDF Suez, will have a combined market value of €90 billion ($123.3 billion) and revenue of €72 billion, making it one of the top three listed utilities worldwide, GdF and Suez said in a joint statement. The deal includes a spin-off of Suez' environment activities.