Without that we know very well what this kind of editing would solve the problem

The day will be long. Suez and gas of France (SFM) leaders will know in a few hours if their reconciliation project still has a chance to materialize before the end of the year, or if need them to think about alternative scenarios. It is, indeed, early in the afternoon that the tribunal de grande instance of Paris will make its opinion on the interim measures instituted by the central European Works Council of SFM, seeking additional information about the social consequences of the merger. If justice gives him reason, a new report of the Board of Directors of SFM could be required, which would likely prevent the transaction to be concluded before the end of the year.

But this judicial appointment is almost anecdotal under the dispute persisted on parity of fusion. Met in conclave, last night, with representatives of the State, the two companies were always find a compromise on this subject.

Albert brother warning

Side gas of France, it stands firmly for the Exchange announced end of February, which plans to barter each action action GDF Suez, and provides to the shareholders of the Franco-Belgian group payment of 1 euro for exceptional dividend for each of their titles. On the side of Suez, more and more voices these days amounted to claim the recovery of this exceptional dividend. A hypothesis that the CEO of the group, Gérard Mestrallet, itself accredited last weekend ("Les Echos" of November 20).

First shareholder in the group, Albert Frère indication for a payment in cash more generous. He explains to the "voices" that "in view of the evolution of the financial situation of Suez and its performance since the announcement of the merger", the amount of the dividend would be "seriously revised upward. "If this is not the case, he warned, the shareholders of Suez will not vote fusion in the General Assembly".

Remains to know what the State, first gas of France shareholder, is ready to let go. Increase the amount of the exceptional dividend, it is indeed authorize Suez to tap into its coffers before the merger. For those who are opposed to a revision of the parity, it is make it "less attractive" future partner of the Habs, and any gas simply play with "the patrimonial interests of the nation". In this field, the Minister of economy, finance and industry, Thierry Breton, played one-upmanship, yesterday, stating that he would say "no" to the proposed merger if the shareholders of Suez were "too greedy". "This is not because the State is one of the shareholders need to estimate that it is able to ask more than fairness, and so I will not pay a penny more than what to pay", has Overture on Europe1 antenna.

To break the deadlock, a close source of discussions did not, exclude yesterday evening, a "creative" solution Among the assumptions in the study, the "Financial Times" suggests that the parity of Exchange could be revised and that an exceptional dividend may even be distributed to the shareholders of the French gas. Without that we know very well what this kind of editing would solve the problem.