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0000950123-06-005786.txt : 200605050000950123-06-005786.hdr.sgml : 2006050520060504213826ACCESSION NUMBER:0000950123-06-005786CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:30FILED AS OF DATE:20060505DATE AS OF CHANGE:20060504
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:SUEZCENTRAL INDEX KEY:0001158533STANDARD INDUSTRIAL CLASSIFICATION:ELECTRIC SERVICES [4911]IRS NUMBER:000000000
FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-15232FILM NUMBER:06810448
BUSINESS ADDRESS:STREET 1:16 RUE DE LA VILLE L EVEQUECITY:PARIS FRANCESTATE:I0ZIP:75008BUSINESS PHONE:01133140066400
MAIL ADDRESS:STREET 1:16 RUE DE LA VILLE L EVEQUECITY:PARIS FRANCESTATE:I0ZIP:75008
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:GAZ DE FRANCECENTRAL INDEX KEY:0001243443
FILING VALUES:FORM TYPE:425
BUSINESS ADDRESS:BUSINESS PHONE:01133147542020
MAIL ADDRESS:STREET 1:23 RUE PHILIBERT DELORMECITY:PARIS FRANCE CODEX 17STATE:I0ZIP:75840
4251y20794ae425.htm425
425
Filed by: Gaz de France
pursuant to Rule165 and Rule425(a)
under the United States Securities Act of 1933, as amended
Subject Company: SUEZ
Exchange Act File Number: 001-15232
Date: May4, 2006
OnMay4, 2006, the following presentation was made available onGaz de Frances website in connection with an informationalconference call held in Paris, France.
Important Information
This communication does not constitute an offer to purchase or exchange or the solicitation ofan offer to sell or exchange any securities of Suez or an offer to sell or exchange or thesolicitation of an offer to buy or exchange any securities of Gaz de France, nor shall there be anysale or exchange of securities in any jurisdiction (including the United States, Germany, Italy andJapan) in which such offer, solicitation or sale or exchange would be unlawful prior to theregistration or qualification under the laws of such jurisdiction. The distribution of thiscommunication may, in some countries, be restricted by law or regulation. Accordingly, persons whocome into possession of this document should inform themselves of and observe these restrictions.To the fullest extent permitted by applicable law, Gaz de France and Suez disclaim anyresponsibility or liability for the violation of such restrictions by any person.
The Gaz de France ordinary shares to be issued in connection with the proposed business combinationto holders of Suez ordinary shares (including Suez ordinary shares represented by Suez AmericanDepositary Shares) may not be offered or sold in the United States except pursuant to an effectiveregistration statement under the United States Securities Act of 1933, as amended, or pursuant to avalid exemption from registration.
In connection with the proposed business combination, the required information document will befiled with the Autorit des marchs financiers (AMF) and, to the extent Gaz de France is requiredor otherwise decides to register the Gaz de France ordinary shares to be issued in connection withthe business combination in the United States, Gaz de France may file with the United StatesSecurities and Exchange Commission (SEC), a registration statement on Form F-4, which willinclude a prospectus. Investors are strongly advised to read the information document filed withthe AMF, the registration statement and the prospectus, if and when available, and any otherrelevant documents filed with the SEC and/or the AMF, as well as any amendments and supplements tothose documents, because they will contain important information. If and when filed, investors mayobtain free copies of the registration statement, the prospectus as well as other relevantdocuments filed with the SEC, at the SECs web site atwww.sec.gov and will receive informationat an appropriate time on how to obtain these transaction-related documents for free from Gaz deFrance or its duly designated agent. Investors and holders of Suez securities may obtain freecopies of documents filed with the AMF at the AMFs website atwww.amf-france.org or directlyfrom Gaz de France on its web site at: www.gazdefrance.com or directly from Suez on its websiteat: www.suez.com, as the case may be.
Forward-Looking Statements
This communication contains forward-looking information and statements about Gaz de France,Suez and their combined businesses after completion of the proposed business combination.Forward-looking statements are statements that are not historical facts. These statements includefinancial projections, synergies, cost-savings and estimates and their underlying assumptions, statements regarding plans,objectives, savings, expectations and benefits from the transaction and expectations with respect to future operations, products and services, andstatements regarding future performance. Forward-looking statements are generally identified by the words expect, anticipates, believes,intends, estimates and similar expressions. Although the managements of Gaz de France and Suezbelieve that the expectations reflected in such forward-looking statements are reasonable,investors and holders of Gaz de France and Suez ordinary shares are cautioned that forward-lookinginformation and statements are not guarantees of future performancesand are subject to various risks and uncertainties, many of which aredifficult to predict and generally beyond the control of Gaz de France and Suez, that could causeactual results, developments, synergies, savings and benefits fromthe transaction to differ materially from those expressed in, or implied orprojected by, the forward-looking information and statements. These risks and uncertaintiesinclude those discussed or identified in the public filings with the Autorit des marchsfinanciers (AMF) made by Gaz de France and Suez, including those listed under Facteurs deRisques in the Document de Base filed by Gaz de France on April1, 2005 (under no: I.05-037) andin the Document de Rfrence and its update filed bySuez on April11, 2006 (under no: D.06-0248), as well asdocuments filed by Suez with the SEC, including those listed under Risk Factors in the Annual Report on Form 20-F for 2004 thatSuez filed with the SEC on June29, 2005. Except as required by applicable law, neither Gaz deFrance nor Suez undertakes any obligation to update any forward-looking information or statements.
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A value creating transaction
May 2006
Disclaimer
Important Information
This communication does not constitute an offer to purchase or exchange or the solicitation of an offer to sell or exchange any securities of SUEZ or an offer to sell orexchange or the solicitation of an offer to buy or exchange any securities of Gaz de France, nor shall there be any sale or exchange of securities in any jurisdiction (includingthe United States, Germany, Italy and Japan) in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws ofsuch jurisdiction. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of thisdocument should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, Gaz de France and SUEZ disclaim any responsibilityor liability for the violation of such restrictions by any person.
The Gaz de France ordinary shares to be issued in connection with the proposed business combination to holders of SUEZ ordinary shares (including SUEZ ordinary sharesrepresented by SUEZ American Depositary Shares) may not be offered or sold in the United States except pursuant to an effective registration statement under the UnitedStates Securities Act of 1933, as amended, or pursuant to a valid exemption from registration.
In connection with the proposed business combination, the required information document will be filed with the Autorite des marches financiers ("AMF") and, to the extent Gazde France is required or otherwise decides to register the Gaz de France ordinary shares to be issued in connection with the business combination in the United States, Gazde France may file with the United States Securities and Exchange Commission ("SEC"), a registration statement on Form F-4, which will include a prospectus. Investors arestrongly advised to read the information document filed with the AMF, the registration statement and the prospectus, if and when available, and any other relevant documentsfiled with the SEC and/or the AMF, as well as any amendments and supplements to those documents, because they will contain important information. If and when filed,investors may obtain free copies of the registration statement, the prospectus as well as other relevant documents filed with the SEC, at the SEC's website at www.sec.govand will receive information at an appropriate time on how to obtain these transaction-related documents for free from Gaz de France or its duly designated agent. Investorsand holders of SUEZ securities may obtain free copies of documents filed with the AMF at the AMF's website at www.amf-france.org or directly from Gaz de France on itswebsite at: www.gazdefrance.com or directly from SUEZ on its website at: www.suez.com, as the case may be.
Forward-Looking Statements
This communication contains forward-looking information and statements about Gaz de France, SUEZ and their combined businesses after completion of the proposedbusiness combination. Forward-looking statements are statements that are not historical facts. These statements include financial projections, synergies, cost savings andestimates and their underlying assumptions, statements regarding plans, objectives, savings, expectations and benefits from the transaction and expectations with respect tofuture operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expect,""anticipates," "believes," "intends," "estimates" and similar expressions. Although the managements of Gaz de France and SUEZ believe that the expectations reflected insuch forward-looking statements are reasonable, investors and holders of Gaz de France and SUEZ ordinary shares are cautioned that forward-looking information andstatements are not guarantees of future performances and are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond thecontrol of Gaz de France and SUEZ, that could cause actual results developments, synergies, savings and benefits from the transaction to differ materially from thoseexpressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the publicfilings with the Autorite des marches financiers ("AMF") made by Gaz de France and SUEZ, including those listed under "Facteurs de Risques" in the Document de Base filedby Gaz de France on April 1, 2005 (under no: I.05-037) and in the Document de Reference filed by SUEZ on April 11, 2006 (under no: D.06-0248), as well as documentsfiled by SUEZ with the SEC, including those listed under "Risk Factors" in the Annual Report on Form 20-F for 2004 that SUEZ filed with the SEC on June 29, 2005. Exceptas required by applicable law, neither Gaz de France nor SUEZ undertakes any obligation to update any forward-looking information or statements.
This release is also available on the Internet: http://www.suez.com - http://www.gazdefrance.com
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An industrial project to create value
Synergies resulting from scale
Synergies arising from complementarity
Capital expenditure synergies, tax and financial optimization
Update on the merger process
Table of Contents
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An industrial project to create value
A New Group Ready to Address Strategic Challengesof the Energy and Environment Sectors
Strategic Challenges
Promote energy efficiency and associatedservices
Develop transmission, storage anddistribution infrastructure
Address growing environmental needs(water, waste)
Secure energy sourcing
Gas
Electricity
Gas / electricity convergence
Group Positioning
No. 1 gas supplier in Europe
LNG world leader
No. 5 power generation company in Europe
Diversified production mix with low CO2emission portfolio
No. 1 operator of CCGT plants
15 million gas customers and 6 millionelectricity customers
Leading energy services provider in Europe
Supporter of sustainable development
No. 1 transmission and distribution networks inEurope
26 Gm3 in LNG terminal capacity
10.2 Gm3 in storage capacity
Global leader in water and waste services
An Industrial Project Allowing Significant Synergies
Gas sourcing savings and optimization
Improvement of the group's risk profile
Capital structure optimization
Utilization of Suez tax losses carried forward in France
Short-term operating cost reductions
Further reduction in operating costs
Costs savings related to the development of multi-energy offerings
Scale effects
Complementarity
Pre-tax annual impact
Medium term
2010 - 2012
Short term
2007 - 2009
Further growth in gas and electricity markets*
Further growth in LNG and upstream
Joint procurement cost savings (other than energy)
250m
120m
50m
80m
Optimization of capital expenditure programs
Combination of economies of scale and complementarity benefits
Gas sourcing
Operating costs
Revenue synergies
Operating costs
Other procurement
TOTAL
1,100m
in the medium term
500m
600m
Financial and taxoptimization
Capital expenditure
250m
350m
100m cash
* Additional growth on French electricity markets and energy markets outside France and Belgium.
Capitalexpenditure,financial and taxoptimization
Summary of Synergies Available in the Short andMedium Terms Area 1 Area 2 Area 5 Area 6 Area 7 Area 8 Area 9 Area 10 Area 11 Area 12 Area 13 Area 14 Area 15 Area 16 2006 0 2007 166 2008 333 2009 500 2010 500 200 2011 500 400 2012 500 600 2013 500 500 2014 500 500 2015 500 500 250
Short term synergies:
500m
Medium term synergies:
600m
Summary of pre-tax synergies available on an annual basis (in m)
Note: Excluding implementation costs, capital expenditure synergies and tax and financial optimization
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Synergies resulting from scale
Synergies Relating to Gas Sourcing
(1) In 2005 except Centrica, in 2004; (2) Including Suez Energy Europe and Suez Energy International ; (3) Cumulative European purchasing, i.e. Suez and Gaz de France, (4) Including Nigeria,Germany, Libya and spot purchases
Leader of the European gas industry
Enhanced sourcing capabilities andincreased arbitrage opportunities
Gas Sales(1)
Diversified sourcing bothgeographically and by type
Strengthened positioning relativeto main gas suppliers
(Gm3)
(2)
Combined gas supplies (3)
(4)
A broad and diversified sourcing portfolio
Synergies Relating to Gas Sourcing
Reduction in sourcing costs and enhanced optimizations
Reduction ofsourcing costs
Enhanced buying position with suppliers and diversification ofsupply sources
Optimization of price and risk profile
Furtheroptimization ofsourcing portfolio
Establishment of an extended asset base (long term contracts, LNG,gas-fired power plants,...)
Gas swap: location and time swaps, LNG vs. natural gas
Gas / power arbitrage
Enhanced LNGarbitrage
Asset optimization (terminals, long term contracts, LNG ships,liquefaction, exploration & production)
Market arbitrage (particularly across the Atlantic basin)
250m pre-tax annual synergies available in the short term
Procurement Savings (other than energy)
Procurementsavings (otherthan energy)
Joint procurement management and operational integration
Enhanced bargaining power
Use of master contracts
Selection of best practices
Establishment of a common platform
Bargaining power bolstered due to volume effects
Reduction in structural costs and administrative savings
Optimization of real estate
Pooling of information technology systems
Financial services
Communication budgets
120m pre-tax annual synergies available in the short term
Operational Cost Reductions
Short termoperational costreductions
In the services business, geographical overlap
Network optimization
Development of geographical coverage
Optimization of trading costs
Further operationalcost savings in themedium term
Furthering of procurement optimization program
Optimization of means and structures
Pooling of information technology systems
Creation of joint-platforms for support services
Stream-lining of overhead costs
50m pre-tax annual synergies available in the short term
250m further pre-tax annual synergies available in the medium term
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Synergies arising from complementarity
A Positioning Across the Value Chain
Based on gas-electricity convergence
InfrastructureActivities
LNG Terminals /
LNG Ships
InternationalTransmission
Transmission / Storage
Distribution
CompetitiveBusinesses
ExplorationProduction
LNG
Electricity Production
- - CCGT
- - Nuclear
- - Hydro
- - Renewable Energies
Trading
Gas and ElectricitySales
- - Industrial and Services
- - Residential
Energy
Services
Gas Sourcing
- - Long Term Contract Portfolio
- - Short Term Purchases
Commercial Complementarity
A portfolio of complementary brands and customer bases
A determined commercial strategy toaddress customer needs
Reinforced commercial position in multi-utility offering and services
A group geared to full market opening in2007
Leveraged experience acquired in theopen commercial market
Recognized Brands
Customers (millions)
Number of Customers-Electricity(1)
Customers (millions)
Number of Customers - Gas(1)
(1) 2005 Data except for Italgas, 2004
Installed capacity:
Nuclear: 1.1 GW (Tricastin,Chooz B)
Hydro: 3.7 GW (CNR, Shem)
CHP: 1.7 GW
Electricity sales: 25 TWh
Significant environment andservices businesses
Suez
Gas customers: 11 m
Installed capacity:
CCGT : 0.8 GW (DK6)
CHP: 0.6 GW
Electricity sales: 5.6 TWh
Sales network and strong brand
Significant services business
Gaz de France
Suez / Gaz de France: unparalleledadvantages
Chooz B
DK6
Tricastin
CNR
Shem
Full market opening: July 1, 2007
Expected demand growth:
+7 TWh average per year
New power generation capacity: +1.2 GWin the short term
France: a growing and transformingmarket
Montoir (project)
Fos (2 projects)
Business Complementarity
Unique positioning for the development of multi-energy offerings in France
Business Complementarity
Operational synergies in the development of multi-energy offerings
Development ofmulti-energyofferings
Savings in supply cost per client
Mainly in the French market but costs savings also to be achieved in otherEuropean markets
Power generation synergies
Integration of balance perimeters
Energy supply synergies
Reduction in Gaz de France's cost to supply
Reduction in Suez's cost to serve
Reduction in new client acquisition costs for both parties
80m pre-tax annual synergies available in the short term
Geographic Complementarity
Complementary positions in Europe
United
Kingdom
Germany
Netherlands
Belgium
Italy
France
Hungary
Spain
Luxemburg
United Kingdom
Gaz de France:
Gas sales: 34.6 TWh
Electricity sales: 14.4 TWh
Installed capacity: 215 MW through Shotton Power
Reserves: 72.2mboe
Germany
Gaz de France:
Reserves: 123.7 mboe
GASAG (31,6%):783,000 gascustomers
MEGAL (44%):1,075 km network
Gas sales: 14.8 TWhof which 8 TWhthrough Gasag
Spain and Portugal
Gaz de France:
Spain
AES - installedcapacity: 1.2 GW
Sales: 5.2 TWh
Portugal
Portgas (12.5%):145,000 customers
France
Gaz de France:
Transmission grid (31,589 km) anddistribution network (180,700 km)
Sales: 465TWh of gas, 5.6TWh ofelectricity
2 LNG terminals and another oneunder construction (Fos Cavaou)
15 gas storage sites
Installed capacity: 0.8 GW CCGTand 0.6 GW CHP
11m gas customers and 56,000electricity customers
Eastern Europe
Gaz de France:
Hongrie
Egaz et Degaz: 22,530km dereseau, 752,000 clients
Pologne
ECW (22%, Capacite: 330MW)
Roumanie
14,261km de reseau, environ1m de clients, vente de gaz: 44TWh
Slovaquie
SPP (24.9%, 32,800km dereseau, 1,4m de clients)
Italy
Gaz de France:
Gas sales: 16.9 TWh
Italcogim (40%): 570,000 gascustomers, gas sales: 8,6 TWh,7,826 km network (1)
Arcalgas Progetti (44%): 3,790km network
Alcargas Energie (43%): 207,000gas customers, gas sales: 5.2TWh (1)
#2 in the services business
Belgium
Gaz de France:
Gas sales: 21.8TWh
ALG 180,000 gascustomers in 2007(1)
SEGEO (25%, 160kmgrid)
Domestic market
Note: 2005 data - Sources annual reports, web sites
Not accounted for in Gaz de France customers
Netherlands
Gaz de France:
Gas sales: 20.2 TWh
Reserves : 111.4 mboe
Suez:
Capacity: 296 MW
Electricity sales: 7.7TWh
Suez:
Electricity sales: 40GWh
Castelnou (760 MW)
Hydro et wind powerin Portugal (164 MW)
Suez:
#1 power producer13.2 GW
Electricity sales: 75.2TWh
Fluxys:
3,800 km grid
Distrigaz:
172 TWh of gas sold
Suez:
Installed capacity: 6.5GW (CNR, SHEM,Tricastin, Chooz B,Elyo),
Electricity sales: 25 TWh
Suez:
Installed capacity: 4.7 GW
Electricity sales: 22.3 TWh
Suez:
Hungary
Dunamenti 1.7 GW
Electricity sales 3.7 TWh
Poland
Capacity: 1.7 GW,
Electricity sales: 8.1TWh
Suez:
Capacity: 2.2 GW
Electricity sales: 13.7TWh
Strategic partnershipwith Acea SpA
Portugal
Slovakia
Poland
Gaz de France:
Hungary
Egaz and Degaz: 22,700 kmnetwork, 764,000 gascustomers, gas sales: 22.5 TWh
Poland
ECW (22%): 330 MW capacity
Romania
14,261 km network, c. 1m gascustomers, gas sales: 44 TWh
Slovakia
SPP (24.9%): 32,800kmnetwork, 1.4m gas customers,gas sales: 70 TWh
Romania
Geographic Complementarity
Revenue synergies arising from multi-energy offerings in France and inEurope
Growth potential inthe Frenchelectricity market
A sound asset base
Sizeable and diversified generation capacities
Large commercial network and strong brand name
Sustained growth prospects in the context of the forthcoming marketopening in July 2007
An optimal positioning to capture value
Implementation of new power generation projects
Commercial development in all market segments
Additional growthpotential in theEuropean gas andelectricity markets
Market opening and strong demand growth
Strong geographical complementarity of the two groups
Development potential for additional green-field projects
LNG and Upstream Complementarity
A global platform
Everett
Cove point
Lake Charles
Porto Rico
Trinidad andTobago
Algeria
Nigeria
Skikda
Arzew
Bethioua
Idku
Yemen
Egypt
Montoir-de-Bretagne
Zeebrugge
Fos-sur-Mer
Snovit
(liquefaction plant under construction)
Cartagena
Bahamas
Neptune LNG
Isle of Grain
Dahej
Rabaska
Isle of Grain (UK)
LNG import terminal ownedby National Grid
Gaz de France has booked6.5mtpa capacity from 2008
Regasification plant (Gaz de France / Suez resp.)
Liquefaction plant
LNG contracts and flows, imports
LNG contracts, exports
Exploration and production related to LNG
Zeebrugge
Fluxys (57.3% Suez)
Import capacity: 4,5mton LNG per year(expansion to 9mton expected)
LNG storage capacity of 260,000 m3
Montoir de Bretagne
8.3mton LNG per year
360,000 m3 LNG storagecapacity
Fos Tonkin
5.9mton LNG per year
150,000 m3 LNG storagecapacity
Fos Cavaou
70% GdF; 30% Total
Under construction
Idku (Egypt)
Gaz de France has a 5% stakein the liquefaction plant
Petronet LNG (India)
Gaz de France has a 10%stake in Petronet LNG whichhas built the first LNGregasification plant in India
Neptune LNG
Offshore LNG regasificationproject
Everett
5.5mton LNG peryear
165,000 m3 LNGstorage capacity
Bahamas
Regasification unit project
Rabaska (Quebec)
Regasification unit project inpartnership between Gaz deFrance and Enbridge Ltd.
LNG tankers
Gaz de France operates afleet of 10 LNG tankers(+3 under construction)
Suez operates a fleet of 6LNG tankers
Atlantic LNG
Suez has a 10% stake inthe liquefaction plant(3.1mton LNG per year)
Kochi (project)
Yemen
Import contract with SuezGlobal LNG
Qatar
Ras Gas: Contract withDistrigaz (57.2% Suez) toimport LNG from Qatar
Partnership betweenSuez and Brass LNG
for 2mton LNGexpected from 2010
Nigeria
Additional growthin LNG andupstream markets
Access to significantly higher LNG and production resources
#1 LNG purchaser in Europe
Ability to offer off-take capacity on the various European markets
Ability to offer off-take capacity on 2 to 3 regional markets in North America
Ability to acquire strong positions in E&P and integrated positions:upstream, liquefaction, shipping, re-gasification, gas supply
LNG and Exploration & Production Complementarity
Potential for additional growth
Additional growthpotential on thegas and electricitymarkets
Additional growth potential in LNG andUpstream
Summary: Potential for Additional Growth
Gas, electricity and LNG revenue synergies
In France
In Europe
Additional investments of c. 1.5bn :
Power generation facilities
New upstream and LNG projects
Access to end customers for electricity sales
Competitive dual offering supported by own powergeneration resources
Geographical complementarity
Growth acceleration
Access to new resources
Acquisition of integrated positions in upstream andthe LNG value chain
350m pre-tax annual synergies available in the medium term (margin)
Limited Implementation Costs
Synergies will primarily result from:
Strong complementarity between the two groups
External spending optimization
New development opportunities
Consequently, the (non-recurring) implementation costs will be limited:
150m for short term synergies
150m for medium term synergies
Implementation costs mainly relate to operational synergies and include in particular:
Integration costs
Restructuring costs
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4. Capital expenditure synergies, tax andfinancial optimization
Capital Expenditure Synergies
Optimization ofcapital expenditureprograms
Optimization of the two group's capital expenditure plans(excluding maintenance)
Avoid duplicating entry costs into certain markets (through eitherorganic or external growth)
Optimize development capital expenditure (e.g. power generation inFrance)
Rationalize certain investments (e.g. coordinating of infrastructureexpansion)
Optimization of the resulting financial resources
100m annual cash flow impact
Reduction in risk profile
More diversified asset portfolio (business and geographic mix)
Balanced mix of regulated businesses (1/3 of the new group activity) and competitiveactivities with strong growth prospects
Balanced geographic presence
Balanced business mix between gas, electricity, services and environment
Improved security of gas supply and balance between upstream and downstream activities
Improved stock market positioning
Increased weight in stock market indexes
Stronger liquidity
Improved visibility for analysts and investors
Optimization in capital structure
A dynamic dividend policy offering an attractive yield
Potential for additional shareholder return and buy-backs
Financial and Tax Optimization
Financialoptimization
Taxoptimization
3.1bn stock of tax losses carried forward and tax deficits related to the termination ofthe Suez tax group
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5. Update on the merger process
Completed steps Presentation of the project to executives and employees of both groupsInitial consultation of workers councilsPre-submission to the European CommissionConstitution of "project teams" and launch of preparatory tasks Next steps May 2006 : Submission of proposed merger to the European Commission and other relevant authoritiesEnd of September 2006 : Suez and Gaz de France board meetings authorizing the mergerMid-October 2006 : Submission of the draft merger agreement to the AMF (French market authority)Mid-November 2006 : Registration of the merger documents by the AMFMid-December 2006 : Extraordinary General Meeting of Suez and Gaz de France to vote the merger
Key merger / integration workshops
Update on the Merger Process
Key steps
Projectcoordination
New group organization
Industrial strategy
Business integration
Human resources
Customers & partners relationshipmanagement
Synergy analysis and implementation
Privatization law
Antitrust process
Merger agreement
Other legal workshops (due diligence,authorizations...)
Accounting / Internal audit
Tax
Financial planning
Financial strategy
A merger process on track
Merger progress on schedule
Operationaltasks
Accounting andfinancial tasks
Legal tasks
Communicationtasks
Internal communication
External communication
Financial communication
May 2006
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