1 October 2007

Better the devil you know

THE GOLIATHS of Europe's energy sector are in danger of outnumbering the Davids. Last month, French President Nicolas Sarkozy gave his support to Gaz de France's (GdF) proposed merger with Suez, reviving a controversial deal that was first announced 18 months ago, but delayed by truculent shareholders and unions – largely because the deal would result in a majority of GdF's shares falling into private-sector hands. The €70bn ($97bn) merger puts GdF Suez, with combined power sales of over €60bn, into the same league as Germany's E.On and RWE, Electricité de France (EdF) and Italy's Enel. The new company will be the world's third-largest listed power firm, Europe's biggest gas buyer and gas s

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