GDF SUEZ becomes 100% shareholder of Gaselys

abarrelfull wrote on 01 Oct 2010 06:02
Tags: gdf-suez investing trading

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On September 30, GDF SUEZ acquired the Société Générale 49% stake in Gaselys, a joint energy trading company created by the two groups in 2001.

Gaselys therefore becomes a wholly owned subsidiary of GDF SUEZ with this transaction approved by European competition oversight authorities.

As an investment services provider (ISP), Gaselys keeps its status as a regulated entity which will allow it to continue developing its offer of financial services towards third parties, under the supervision of the French Autorité de Contrôle Prudentiel (ACP) that governs banking and financial establishments.

This transaction is a step forward for the ambitious GDF SUEZ plan for the creation in 2011 of a European leader in trading, combining physical and financial products covering the entire energy mix: natural gas, electricity, oil and refined products, coal and emissions. GDF SUEZ considers trading as an essential link in the upstream/downstream energy chain. It provides innovative solutions to the Group's entities and to its customers, in an increasingly complex and global natural gas and electricity environment, where markets are an essential component.

For this purpose, GDF SUEZ is pursuing its project to unite the Gaselys and Electrabel trading teams (1), which are currently first-rate players in Europe’s natural gas and electricity markets. The unified trading platform will keep its dual location in Paris and Brussels.

Jean-François Cirelli, Vice Chairman and President of GDF SUEZ, will serve as Chairman of the Gaselys Board of Directors, and Pierre Chareyre, former Senior Vice President for M&A and Investments in the Group’s Finance Division, will serve as CEO.

GDF SUEZ becomes 100% shareholder of Gaselys

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