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Electrabel board approves Suez bid for remaining shares


Published : Thu, 22 Mar 2007 09:43
By : Agencies
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BRUSSELS (AFX) - Electrabel SA said its board of directors has unanimously approved peer Suez SA's squeeze-out bid for the remaining Electrabel shares it does not yet own.

The remaining stake amounts to 755,403 shares, representing 1.38 pct of share capital.

Current and former employees of Belgian utility Electrabel rejected an offer made by Suez in January for the remaining shares in the company, judging the offer unattractive.

The Electrabel board approved a draft recommendation drawn up by a special committee in its entirety.

Suez submitted a draft proposal to the Banking, Finance and Insurance Commission (BFIC) on March 20 for a public offer to acquire all the Electrabel shares it does not already hold.

The utility currently owns 98.62 pct of Electrabel shares as a result of a combined cash and share offer in 2005.

nina.chestney@thomson.com

nc/jlw

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