Brussels, 03/03/2006 (Agence Europe) - On Thursday evening, Charlie McCreevy, European Internal Market Commissioner, sent a letter to the French authorities on the subject of the merger between Gas de France (GDF) and Suez, McCreevy's spokesman said on Friday. He went on to explain that the letter raises a number of issues, mainly in the aim of gathering factual information about the sequence of events surrounding the merger. It was brought to the attention of the Commissioner, he said, that the Suez/Gas de France merger was not announced until after the talks between the company, Veolia, and the Italian company ENEL failed. The Commission has set the deadline of 17 March for responding to its requests.
The Commission is therefore said to take an interest in the role that could be played by the French authorities, the main GDF stakeholders, during the period of interrupted discussions between the Italian electricity company, Enel, and the French company, Veolia Environnement, on the subject of a possible joint acquisition offer from Suez. Never made official, this joint Enel/Veolia project was countered by the announcement by the French government of a forthcoming merger between Suez and GDF. Last Wednesday, the Italian authorities had forwarded the chronological version of the facts as seen from the Enel viewpoint to the European Commission (see EUROPE 9143). In the columns of Le Figaro on Friday, Thierry Breton, French Finance Minister, said he “had been informed” of the wish for “industrial cooperation” between GDF and Suez during autumn 2005, that is, “well before the rumour of a bid by Enel on Suez”.
According to his spokesman, Mr MrCreevy hopes to ensure, above all, that all information that is able to influence the market has been adequately managed in full respect of internal market principles, principles that aim to ensure the integrity and transparency of markets in Europe and the correct functioning of capital movements between Member States. Last Wednesday, Giulio Tremonti, Italian Economy Minister, had met Mr McCreevy - and also Competition Commissioner Neelie Kroes - on the matter of this affair (see EUROPE 9142). Mr Tremonti had above all expressed doubt about compliance with the provisions of the Directive 2003/6/EC on market abuse. By setting the rules for insider operations and market manipulations, the directive aims to increase investor confidence and ensure the integrity of financial markets in Europe.
In answer to questions on the contacts that the Commission has established in this affair, the spokesman for Commissioner McCreevy said that there had been no direct contact with the companies mainly concerned. He nonetheless acknowledged that discussions had been held with “various participants who could be involved in coming days” such as “lawyers” and “experts” and “companies”.