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PARIS, Feb. 3 (UPI) -- French utility GDF Suez said it teamed with London's International Power PLC to create what it described as a global leader in power generation.
"Our new group is ideally positioned in the regions where 80 percent of tomorrow's new production capacities needs will occur," Gerard Mestrallet, chairman and chief executive officer of GDF Suez, said in a statement.
The two companies, by joining forces, created a global leader in energy production with a combined gross capacity of more than 66,000 megawatts of energy. Projects expected to come on line by 2013 could provide another 22,000 MW of power, GDF Suez said in a statement.
GDF Suez in its statement said the move also makes the French utility the No. 1 utility by volume of natural gas managed in Europe.
"The completion of this transaction creates a high growth, world leading independent power generation company," International Power Chairman Neville Simms said in his statement.
The companies said more than 3 billion ordinary shares of International Power were issued to subsidiaries of GDF Suez.
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