Share Name Share Symbol Market Type Share ISIN Share Description
Guangdong Development Fund LSE:GDF London Ordinary Share GB0003933917 US$0.01
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +$0.00 +0.00% $0.03 $0.00 $0.00 - - - 0 06:37:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - - 2.91

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12/3/201610:24EDF/GDF: Obelix & Asterix would think it a Gaz and shockingly so.1,286
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waldron: France Holding Stakes in State-Owned Firms PrintAlert France Telecom (EU:FTE) Intraday Stock Chart Today : Monday 17 June 2013 PARIS--French President Francois Hollande said Sunday that his government is planning to keep stakes it owns in some of the country's largest companies because their share price is too low, but he didn't rule out sales in the future. "Why--as far as companies such as France Telecom SA (FTE.FR) and GDF Suez (GSZ.FR) are concerned -- are we not selling? Because we consider that their share prices are not high enough," Mr. Hollande said in an interview broadcast on M6, a French television channel. Mr. Hollande added that the government stands ready to sell to raise funds for investment. "This exceptional income will be assigned to investment (...) in new technologies, in innovations, in companies," Mr. Hollande said. Write to Gabriele Parussini Subscribe to WSJ: hxxp://
ariane: France May Sell Parts of State-Backed Companies PrintAlert Areva (EU:AREVA) Intraday Stock Chart Today : Friday 5 April 2013 By Geraldine Amiel and Sam Schechner PARIS--The French government is considering selling portions of state-backed companies to help improve its finances, as the crisis in the euro zone's second-largest economy deepens, according to government officials. The socialist government of President Francois Hollande, which has already said it can't meet budget-deficit targets it promised its European peers last year, is exploring how it could sell off slices of companies without sacrificing the measure of control that government ownership helps it retain. "As part of the budget restructuring, and the modernization of our public policy, we are indeed thinking about changing our ownership stakes," France's industry minister Arnaud Montebourg said in an interview. "We're not ruling out that kind of move, but we do not want to lose our means of influence over companies." Any stake sales would come as the government struggles to rein in a fast-increasing debt load with an economy that has been stagnating for over a year. Mr. Hollande has raised taxes and pledged to cut spending, but still has little room for maneuver as he seeks to balance the country's budget by 2017. The French state directly and indirectly owns controlling stakes in stakes in several companies, such as nuclear-engineering group Areva SA (AREVA.FR), and has significant minority shares of companies including France Telecom SA (FTE.FR), airline Air France-KLM (AF.FR) and car maker Renault SA (RNO.FR). Mr. Montebourg declined to say which companies might come up for sale, but another government official said that selling some of the country's 85% stake in energy behemoth Electricite de France SA (EDF.FR) would be "the obvious choice." France's national debt grew 6.8% to 1.83 trillion euros ($2.37 trillion) in 2012, or more than 90% of the country's GDP. In the 2013 budget, the government forecasts that it will spend around EUR48.8 billion servicing its debt. EDF's shares have gained around 12% since the start of the year, and France can lower its stake to 70% under existing law. Reducing its stake down to 70% would garner about EUR4.3 billion based on EDF's current share price. An EDF spokeswoman declined to comment. France's ownership stakes are a legacy of the country's dirigiste past, in which the company nationalized companies, allowing it to control most major industries and run public monopolies. Since the start of the 1990s, successive French governments engaged in massive privatizations, but retained control over what were deemed "strategic assets" such as energy companies. Selling part of the family silver has already been done by France's previous government, under President Nicolas Sarkozy, who divested 3% of EDF in late 2007 to help finance a fund for universities. But later, because of the financial crisis stemming from the U.S. subprime crisis, followed by the euro-zone crisis, the value of the stakes nose-dived, making the government all the more reluctant to sell any shares. Late last month, France raised about EUR448.5 million from the sale of 3.12% of the capital of defense-equipment maker Safran SA (SAF.FR), bringing the French state's stake down to roughly 27%. The government said it planned to invest the proceeds elsewhere in the economy, rather than directly pay down the debt or plug holes in its finances. France also cut its voting stake in Airbus owner European Aeronautic Defence & Space Co. (EAD.FR) to 12% from 15% as part of an agreement with the German government. The country, at least initially, has parked those shares in a nonvoting trust, rather than selling them. Write to Geraldine Amiel at and Sam Schechner at
the grumpy old men: At 27 euros per share, is the book value almost double the current share price? goodwill and intangibles seems to explain a substantial part of the difference i believe this share is undervalued at current price
waldron: GDF Suez Cutting Record Dividend Seen in Options Market: Energy By Todd White & Tara Patel - Feb 13, 2013 1:00 AM GMT+0100 ..Facebook Share LinkedIn Google +1 0 Comments Print QUEUEQ..GDF Suez SA Chief Executive Officer Gerard Mestrallet says the French utility's dividend is a sacred cow -- even at a world-leading 10.2 percent yield. Options traders don't believe him. While Mestrallet has promised to maintain the 1.50 euro ($2.01) annual per-share payment, and all 24 analysts surveyed by Bloomberg accept his pledge, investors are betting on a 20 percent cut to 1.20 euros, according to dividends implied by options trading. GDF Suez's current yield is more than twice the 4.6 percent average of the 82-member MSCI World Utilities index. "They may have to cut it a bit," Heino Hammann, an analyst at Norddeutsche Landesbank Girozentrale in Hannover, said by telephone. The dividend "may be difficult to keep" at this level for 2013 and beyond, said Hammann, who has a hold rating on the stock and estimated a 1.50 euro dividend on Nov. 1. Mestrallet is promising the 3.6 billion-euro annual payment even after wholesale power prices and natural gas demand slid in Europe and two of the company's nuclear power plants were shut in Belgium. His effort to make GDF Suez attractive to investors is helped by corporate bond yields falling, which contributed to the $1.6 trillion gain in global stocks since Dec. 31. GDF Suez is among companies around the world rewarding shareholders with the highest dividends in more than two decades compared with bond interest payments, even after the best start to a year for equities since 1994. The 1,610 stocks in the MSCI World Index paid an average 2.7 percent of their share price in dividends as of last week, according to data compiled by Bloomberg. Highest Yields GDF Suez is the world's highest-yielding utility, ahead of EON SE of Germany and France's EDF SA with yields of 8.6 percent and 8.1 percent, respectively, according to data compiled by Bloomberg as of Feb. 8. Exelon Corp., owner of the biggest group of U.S. nuclear power plants, said last week it would cut its dividend for the first time to maintain an investment-grade credit rating as wholesale power prices decline. For GDF Suez, "the board has confirmed its dividend policy which is very clear, that every year a dividend equal or higher than the previous one" will be paid, Mestrallet told analysts Dec. 6. The 1.50-euro payout from 2012 earnings was decided by the board even before the financial year was closed, he said. February Announcement Mestrallet, who was peppered with questions about the dividend at the company's investor day, gave his assurances as the shares dropped 16 percent on lowered forecasts for earnings this year and predicted weakness in 2014. The stock has since touched its lowest level since the merger between Gaz de France SA and Suez SA which created the utility in 2008. An announcement on the next semiannual payment will be made Feb. 28, according to Bloomberg forecasts. Jerome Chambin, a spokesman for GDF Suez, declined to comment. GDF Suez rose 0.5 percent to 14.97 euros yesterday in Paris. The shares have dropped 3.9 percent this year. The company's yield would drop to about 8.1 percent if it reduces the payments made during calendar year 2013 to 1.20 euros, as implied by options. Dividends can be estimated, or implied, by comparing the relative prices of put and call options to forwards, a financial instrument an investor sells for future delivery. A 1.20 euro dividend is about the level earned by its stockholders a year ago. Dividend 'Priority' GDF Suez, the second-largest utility by market value, has more than enough room to maneuver, with "priority" given to the dividend over capital expenditures if a choice had to be made, Mestrallet said. "We have a strong free cash flow to finance the dividend and we have also the flexibility to adjust if it would be necessary," he said. "Is not in our mind, but we have the capacity to adjust the capex in order to maintain the dividend," as was done in 2012. The utility is planning to reduce capital expenditures by 20 percent in 2013 and 2014 to 7 billion euros to 8 billion euros annually, according to a company statement in December, which also said the board had a "commitment to the group's dividend policy." Free cash flow probably increased last year to 4.1 billion euros from 2.96 billion euros in 2011, according to the average of nine analysts' estimates compiled by Bloomberg. Cash flow generation will be stable in 2013 and 2014 even though there is a negative macroeconomic situation and a "negative situation" for power and energy prices in Europe, Chief Financial Officer Isabelle Kocher said in December. The utility has said 2013 and 2014 will be "two difficult years in Europe" and it plans to lower debt by a third by the end of 2014. It forecast a "rebound" in 2015 financial performance, although it didn't give figures in December. To contact the reporters on this story: Todd White in Madrid at; Tara Patel in Paris at To contact the editor responsible for this story: Will Kennedy at
grupo guitarlumber: French Energy Min to Release 2013 Gas Tariffs Dec 10 PrintAlert Gdf Suez (EU:GSZ) Intraday Stock Chart Today : Thursday 29 November 2012 By Inti Landauro PARIS--French Energy Minister Delphine Batho Thursday said she will release new gas tariffs for 2013 on Dec. 10, which will take into account a high court ruling that limited regulated gas tariff increases for the fourth quarter. Ms. Batho's comments come hours after France's highest administrative court Conseil d'Etat ruled against the 2% cap set by the government to regulated gas tariff charged to households in the country. The ruling paves the way for higher gas prices, and prompted an increase in the share price of GDF Suez (GSZ.FR), the country's largest gas utility. The court said the French government underestimated gas supplies costs incurred by gas distributors and was therefore detrimental to them. Gas tariffs in France are regulated and set every quarter through an established formula that takes into account supply costs. The court also said the government's move was unlawful as it ignored the formula to benefit customers. Under the calculation method, gas tariffs should have increased 6.1% for the fourth quarter. The prospects of higher tariffs in France boosted shares in GDF Suez, which ended 2.8% up at 17.39 euros ($22.54). Write to Inti Landauro at Subscribe to WSJ:
waldron: Utility GDF Suez's H1 sales boosted by cold winter Published August 02, 2012 Associated Press PARIS – Franco-Belgian utility GDF Suez saw its revenue rise 10.6 percent in the first half of the year, driven in part by a late-winter cold snap and a particularly chilly spring in France. But income at the partially state-owned company slid 14.9 percent to €2.3 billion ($2.8 billion) as compared to the same period last year, when the bottom line was boosted by capital gains. Revenue for the January-to-June period was €50.5 billion. The increase in revenue helped push the company's share price up 2 percent in morning trading Thursday on the Paris bourse. The stock price was likely also buoyed by the company's announcement that it would be recouping €290 million from customers that it lost when the government froze gas prices at the end of last year - a freeze which has since been overturned. The company said it would recoup the sum over time but did not specify how long. The Paris-based company confirmed its goals of achieving recurring net income of between €3.7 billion and €4.2 billion for the year. But that goal assumes successful negotiations with the French government over the state-mandated limit in gas prices. In July, the government said gas prices couldn't rise more than 2 percent - even though the French energy regulator said a 7.3 percent increase would be needed to cover costs. GDF Suez is now in talks with the government. The group said that if the price issue isn't resolved, its earnings before income tax, depreciation and amortization - an important measure of profitability - would take a €30 million hit in the third quarter. The impact would be even greater in the last quarter of the year. "The fact that tariffs (prices) must reflect costs, it's not a dream," said CEO Gerard Mestrallet. "It is an obligation, an absolute obligation." While the group credited some of its revenue gain to expansion into developing markets, much of it came from its home base in France. Unseasonably cold weather pushed sales there up 17.5 percent in the first half. Read more:
waldron: UPDATE: GDF Suez: May Withdraw GBP6 Billion Bid For International Power Share this article PrintAlert Gdf Suez (EU:GSZ) Intraday Stock Chart Today : Wednesday 4 April 2012 GDF Suez SA (GSZ.FR) Wednesday said it could withdraw its GBP6 billion bid for International Power PLC (IPR.LN) after the U.K.-based company said it was rejecting the French utility's indicative offer for the remaining 30% of the company it doesn't already own. International Power said the 390 pence bid "undervalues" the company. Under the GDF Suez bid, all of International Power would be valued at around GBP19.9 billion, while the current share price values the company at around GBP20.6 billion. GDF Suez said the offer was still "attractive" and it was considering different options regarding International Power, including withdrawing the offer. Earlier, International Power said in a statement that the members of the independent committee have unanimously concluded that the 390 pence per share offer "undervalues" the company. "Accordingly GDF Suez has been notified that the independent committee is unable to accept the indicative proposal," the statement added. Under the terms of the agreement between GDF Suez and International Power, the French utility is restricted from making a takeover offer for all, or any, of the outstanding International Power ordinary shares for the period until Aug. 3 or earlier with the consent of all of the independent non-executive directors, the statement said. Earlier this week, shareholder Neptune Investment management said GDF should raise its bid. Robin Geffen, who runs Neptune, told Dow Jones Newswires that the bid should begin with a four, rather than a three, in line with the company's shares, which are trading above GBP4. At 0705 GMT, International Power shares were up 0.4 pence at 403.4 pence, while GDF was down 0.7% at EUR18.91. -By Selina Williams, Dow Jones Newswires +44 207 842 9262;
waldron: Statement re dividend Share this article PrintAlert TIDMIPR RNS Number : 6590A GDF Suez SA 02 April 2012 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE Press Release The Board of Directors of GDF SUEZ met on Monday 2 April 2012 under the chairmanship of Gerard Mestrallet and unanimously confirmed its support to the possible offer of 390 pence per share for the remaining International Power shares not already held by GDF SUEZ. The Board of Directors decided to offer to the shareholders the possibility to receive the final dividend for 2011 (EUR0.67) in GDF SUEZ shares. The conditions for setting the value of the dividend in shares will include a 10% discount to the average share price over the twenty trading days immediately preceding the Annual General Meeting. To enable the implementation of this option, the payment of the final dividend for 2011 is postponed from 30 April to 24 May 2012, the ex-date remaining on 25 April 2012 as originally announced. The Board decided to offer the same option, for any interim dividend for the fiscal year 2012 that may be decided by the Board of Directors, subject to the success of the potential offer for the remaining shares of International Power it does not own. In this context, the French State and Groupe Bruxelles Lambert (GBL) expressed to GDF SUEZ their intention to take up the option of receiving GDF SUEZ shares in respect of their share of the dividends. This resolution is intended to supplement the financing of the proposed offer for the remaining International Power shares not already held by GDF SUEZ in complement to the upwards revision of the disposal plans previously announced.
waldron: GDF Suez Makes Non-binding Offer For Rest Of International Power Share this article PrintAlert Gdf Suez (EU:GSZ) Intraday Stock Chart Today : Thursday 29 March 2012 French power operator GDF Suez SA (GSZ.FR) Thursday confirmed that it made a non-binding indicative proposal to buy the shares in U.K.-based International Power PLC (IPR.LN) it doesn't own yet at 390 pence each, insisting such a transaction would provide "significant benefits to both businesses." The group "strongly believes that the indicative proposal offers attractive terms to International Power shareholders" and that a merger would simplify GDF Suez's structure and improve the further integration between the businesses. The move is supported by the two largest shareholders of GDF Suez, the French state, which owns 36%, and the Belgian investor Albert Frere's holding Groupe Albert Frere, which owns 5.2%. Earlier Thursday, International Power said that it had received such a proposal. GDF Suez is now required, by no later than 1600 GMT on April 26, to either announce a firm intention to make an offer for International Power or announce that it doesn't intend to make an offer. The news sent the group's share price down--at 1141 GMT, share in GDF Suez were trading down 1.8% to EUR19.09 while the CAC-40 benchmark index was down 1%. Would the transaction proposed be completed, GDF Suez would remain committed to maintain its A credit rating and would also consider increasing its asset disposal plan, it said. The group has planned to dispose of EUR10 billion worth of assets between 2011 and 2013. Earlier this year it said that in 2011, it sold two thirds of the assets sales that were planned over the period. In February last year, GDF Suez finalized the combination of its international operations outside of Europe and some assets in the U.K. and Turkey with International Power, creating the world's largest private power generation group. - By Geraldine Amiel, Dow Jones Newswires; +33 1 40171767;
waldron: GDF Suez Won't Cut Dividend in Response to Freeze, Tax QBy Tara Patel - Nov 18, 2011 1:39 PM GMT+0100 . inShare.0 More Business ExchangeBuzz up!DiggPrint Email ...GDF Suez (GSZ) SA, operator of Europe's biggest natural-gas network, won't cut its dividend for the next two years even as the company struggles to cope with a freeze on domestic gas tariffs and higher taxes in Belgium. The annual payout to shareholders will be "at least equal" to last year's dividend, while sales and earnings before interest, tax, depreciation and amortization will be higher, Chief Executive Officer Gerard Mestrallet told an investor conference today in Paris. The utility, which is based in Paris, is dealing with a freeze in natural gas prices in France for consumers ahead of next year's presidential elections and a more than doubling of a nuclear tax in Belgium. GDF Suez has mounted a legal challenge against the French government, its biggest shareholder, over the price freeze and has vowed to contest the Belgian tax using "all legal means." The company posted Ebitda of 15.1 billion euros ($20.53 billion) last year on sales of 84.5 billion euros. It paid a dividend of 1.50 euros a share. GDF Suez's growth will come in part from raising power production outside Europe, Mestrallet said, adding that regulatory decisions by the French and Belgium governments have depressed the company's share price. The stock is down 28 percent this year. 'Hurting Us' "There are two state decisions that are hurting us," Mestrallet said today. "This is the kind of thing that is happening now." Regulatory decisions have multiplied and "the utility industry isn't doing very well," he said. The French gas price freeze will result in a shortfall for the company of 400 million euros, GDF Suez has said. The Belgian decision would raise an annual nuclear tax to 550 million euros from a previously-agreed annual level of 215 million to 245 million euros, GDF Suez has said. It would also cancel a 10-year lifetime extension for three reactors in that country. Shutting the reactors in 2015 would lower GDF Suez's Belgian nuclear capacity by about a third, or 1,800 megawatts, effectively reducing the utility's worldwide electricity production capacity by 2 percent, Mestrallet said today. "I am fighting this," he said. To contact the reporter on this story: Tara Patel in Paris at To contact the editor responsible for this story: Will Kennedy at
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