The board of French energy group Suez confirmed on Friday it would pursue merger talks with state-owned Gaz de France (GDF) despite a court ruling preventing the deal from finalization before July 1, board members said in a statement.
"The board unanimously confirms that the tie-up with Gaz de France constitutes the best strategic option for Suez, its shareholders, its staff and its clients," the statement said.
Suez directors "unanimously mandated the board president to pursue negotiations with a view to examining actions that could lead to the desired result."
The plan was designed to create a French national champion able to compete in a consolidating European energy market and protect the companies from foreign predators.
But the deal has become bogged down in regulatory and legal difficulties stemming from a prerequisite privatization of GDF.
France's Constitutional Council, which rules on the legality of government legislation, said on Nov. 30 that the deal should be delayed until July 1, when the country's natural gas market is to be deregulated, ending GDF's near monopoly as a public gas service.
The Suez board said on Friday it "acknowledged the Constitutional Council's decision, which, while validating the legislative package, resulted in a modification of the initial calendar for completing the Suez-GDF merger."
Some Suez shareholders oppose a deal and activist investment fund Knight Vinke Asset Management took out a page of advertising in the Financial Times to outline its objections.
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