Intl Power Share Discussion Threads

[praipus] 04/4/2012 11:03

short from here to £3.90? free money?

[aleks_atanasov] 04/4/2012 10:33

guys i think the show is over here.. and re Relationship Agreement .. lol i didnt think the french were so stupid

[waldron] 04/4/2012 09:27

UPDATE: GDF Suez: May Withdraw GBP6 Billion Bid For International Power
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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 [phone]; [e-mail]

[praipus] 04/4/2012 09:14

Beautiful, first example I've seen of Convertible Arbitrage for a long time

Weiss post_3 IPR "REPLACEMENT" RNS

* long the convertibles
* and short the stock



Tracking the rest of Weiss's holdings on the WAM thread

[waldron] 04/4/2012 08:54

GDF Suez Calls International Power Offer Of 390p/Share 'Attractive'
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Gdf Suez (EU:GSZ)
Intraday Stock Chart
Today : Wednesday 4 April 2012
French utility company GDF Suez SA (GSZ.FR) Wednesday said its indicative offer for 30% of U.K.-based International Power PLC (IPR.LN) at 390 pence a share is "attractive for the minority shareholders" and it will now consider different options after IPR rejected the bid.
GDF Suez's options include withdrawing its offer for the stake, the French company said in a statement.
IPR had said earlier Wednesday it is unable to accept the GDF Suez offer as it undervalues the company.
Shares of the U.K. power company closed Tuesday at 403 pence.
-By Inti Landauro, Dow Jones Newswires; [phone]; [e-mail]

[waldron] 04/4/2012 07:41

Not at that price, says International Power
Wed 04 Apr 2012

IPR - International Power

Latest Prices
Name Price %
International Power 403.00p 0.00%
GDF Suez € 19.05 0.00%

BEL 20 2,335 0.00%
CAC 40 3,407 0.00%
FTSE 100 5,838 -0.62%
FTSE 350 3,104 -0.56%
FTSE All-Share 3,037 -0.54%
Gas, Water & Multiutilities 4,935 -0.52%

LONDON (SHARECAST) - The independent directors of power producer International Power have rejected the indicative 390p share offer from majority shareholder GDF SUEZ.

Under the terms of the relationship agreement between GDF Suez and International Power, the French company is generally restricted from making a takeover offer for all (or any) of the outstanding shares of the UK until 3rd August 2012, or earlier with the consent of all of the Independent non-executive directors.

Clearly that consent will not be forthcoming at the indicated offer price of 390p; the members of the Independent Commission were unanimous in the view that the terms undervalue International Power.

GDF SUEZ owns 70% of International Power.

JH

[waldron] 04/4/2012 07:36

International Power Rejects Indicative Proposal From GDF Suez - Quick Facts



(RTTNews.com) - International Power Plc (IPR.L) Wednesday responded to the indicative proposal received from GDF Suez S.A by stating that the indicative proposal from the latter has been rejected by the company.

The company, which had constituted an Independent Committee of the Board to study the proposal, had concluded that the indicative proposal from GDF Suez to offer 390 pence per share grossly undervalues the company.

The Independent Committee, therefore, replied that the indicative proposal could not be accepted for consideration.

Following the response to its indicative proposal, GDF Suez and its affiliates are generally restricted from making a takeover offer for all or any of the outstanding IPR ordinary shares for the period until 3 August 2012, the company further added.

For comments and feedback: contact [e-mail]

[praipus] 04/4/2012 00:15

Weiss Asset Management have been shopping and bought the IPR 3.25% Convertible Bonds due 2013 (ISIN: XS0261440860)and are now holdng 5.39%



This gives a little more info


Does anyone know what the EPIC is for us mere mortals to buy them?

Weiss are a very interesting outfit so I'm tracking the rest of their known holdings on the WAM thread:

[waldron] 02/4/2012 21:44

Statement re dividend
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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] 02/4/2012 21:37

CORRECT: GDF Suez Board Moves To Ease Financing International Power Bid
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Gdf Suez (EU:GSZ)
Intraday Stock Chart
Today : Monday 2 April 2012
Power operator GDF Suez SA's (GSZ.FR) preparations for a potential bid for the remaining shares in International Power PLC (IPN.LN) it doesn't own were gathering pace as its board moved Monday to ease any financing issue for the proposed offer.
GDF Suez admitted Thursday it is considering formally bidding for the remaining 30% stake in International Power it doesn't own at 390 pence ($6.25) a share.
The potential move has been approved by the group's two largest shareholders--the French state which owns 36%, and Belgian businessman Albert Frere's holding Groupe Bruxelles Lambert (GBLB.BT) which owns 5.2%--as well as by its board, "unanimously," it said.
GDF Suez's directors also decided to offer shareholders the possibility to receive the final dividend for 2011, representing 67 euro cents (89 U.S. cents) per share, in GDF Suez shares and not in cash, the group said.
"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 upward revision of the disposal plans previously announced," it explained, adding that the French state and Groupe Bruxelles Lambert went for that option.
The directors also agreed to offer the same possibility for the interim dividend for 2012.
Asked if this move was designed to help GDF Suez to increase its offer or to maintain its A credit rating, a spokesman for GDF Suez declined to comment.
Thursday, International Power said that it had received the proposal but didn't elaborate on the reaction of its management nor its board and has remained mute on the potential offer since.
The price mentioned by GDF Suez--a "fair price" according to the group's Chairman and Chief Executive Gerard Mestrallet Thursday--is seen by analysts as probably too low to appeal to International Power's remaining shareholders and Monday, shareholder Neptune Investment Management actually said that GDF Suez SA should raise it.
Robin Geffen, who runs Neptune, told Dow Jones Newswires the bid was "slightly light." "The stock has traded above GBP4 so that does indicate there are more buyers than sellers at 390 pence," he said. "There are quite a few institutions who feel that the bid should begin with a four, not a three."
GDF Suez's potential offer would value the remaining stake at around GBP6 billion.
Thursday, Mestrallet insisted that the group was committed to maintaining its A credit rating and would be therefore ready to increase the amount of disposals it has already planned to dispose of EUR10 billion of assets between 2011 and 2013. Earlier this year, it said that in 2011, it completed two thirds of the assets sales that were planned over the period.
-By Geraldine Amiel, Dow Jones Newswires; [phone];
[e-mail]

[jeffian] 02/4/2012 11:41

I bet you do! It's effectively been a nil-premium takeover for GDF Suez.

[waldron] 02/4/2012 11:38

As a GDF SUEZ holder, i for one hope its judged
a reasonable price and finalised soon

[jeffian] 02/4/2012 10:30

I suppose there might be a bit of a sweetener just to get the deal done, but it's hard to see what negotiating strength the minority shareholders have.

[waldron] 02/4/2012 08:36

i wouldn't be surprised to see an increased offer
together with an enchanced and or special dividend

[arja] 02/4/2012 08:17

looks like it will be stuck at 405 level for a while ! BHR policy not a bad one in this situation .

[waldron] 01/4/2012 18:34

International Power Shareholder Seeks Higher Offer, Times Says
By Ben Martin - Apr 1, 2012 9:25 AM GMT+0200 .LinkedIn Google +1 1 Comment
Print QUEUEQ..A minority shareholder of International Power Plc (IPR) wants GDF Suez SA (GSZ) to make a better offer for the London-based utility, the Sunday Times reported, without saying how it obtained the information.

GDF bid 390 pence ($6.24) a share for the 30 percent of International Power it doesn't already own, and Neil Woodford, a fund manager at Invesco Perpetual, wants a minimum of 400 pence a share, the newspaper reported. Invesco Perpetual holds a stake of about 3.3 percent in International Power, the newspaper said.

To contact the reporter on this story: Ben Martin in London at [e-mail]

To contact the editor responsible for this story: Paul Armstrong at [e-mail]

[wipo1] 30/3/2012 10:02

I sold half of mine yesterday not sure whether to cash in the rest or hold

[jacks13] 30/3/2012 09:20

What's lucky about it?

[elmfield] 29/3/2012 22:33

lucky to get the offer, sold mine, these have done alright over the last few years!

[cool runnings] 29/3/2012 18:39

aleks_atanasov - 29 Mar'12 - 16:24 - 1222 of 1223


Yeah of course you do.....

[jacks13] 29/3/2012 18:17

Raises an interesting thought though. GDF are saying 390p/share is an attractive offer for our 30% but would they accept 390p for their 70%? I doubt it.
The directors have a duty to extract the best deal for the minority shareholders and the institutional holders will be looking for more. Expect at least 420/425p

[aleks_atanasov] 29/3/2012 16:24

i understand them more than you are. just cause someone owns x% doesnt mean a transaction is impossible to happen.

i wasnt saying this is going to happen now.

[cool runnings] 29/3/2012 16:08

aleks_atanasov - 29 Mar'12 - 13:34 - 1217 of 1220

fair value would be +20, 30% if someone else tried to buy it.

No one else will bid!! GDF own 70% already....Do you understand shares?

[aleks_atanasov] 29/3/2012 14:59

"Asked how GDF Suez intends to finance its potential offer, paying cash or with shares, the spokeswoman for the group said that it was too early to say, as the two sides were now engaged in discussions." -DJ