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International Power has confirmed that it will require a bigger bid from GDF Suez if it is to acquire the remainder of the company.
GDF Suez last week made an offer of 390 pence per share for the 30 per cent of International Power that it does not own, following the part merger that was officially sealed last February.
This morning international Power released a statement that said its Independent Committee was unable to accept the indicative proposal because it undervalues the firm. Analysts have suggested that it will prabably take a bid of at least 405p per share to do the deal.
GDF said it would seek to maintain its category A rating if the proposed transaction was to complete. That would likely mean it disposes more assets.
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