EWC of GdfSuez concerned about consequences of increasing debts

(25 April 2012) The EWC of GdfSuez considered the proposal of GdfSuez to acquire the 30% remaining capital in International Power. GdfSuez already owns the rest. The company now owns 100% of its International Energy Branche. It fits the industrial and financial strategy the company has been pursuing.The EWC notes that the debt burden will increase with 6 billion Euros. The EWC notes that the strategy which focus on the development of the group towards emerging economies exposes the group to more risks in the core markets of Europe. As a second step in the strategy the company has a programme of selling of interests. And while the shareholders seek optimal pay-outs through higher returns on the investments in the emerging countries, this strategy will impact on workers in its European activities which are already affected by the economic and financial crisis, the austerity programmes in several countries. The trade union representatives have many questions that need to be answered by management to ensure confidence in the company. For example: will whole business activities be sold ? Will the capital of certain activities such as gas transport be opened for private equity or pensions funds ? The EWC has asked its working groups to discuss with management the impact of various measures. For the statement of the EWC (FR)
Also EPSU affiliate CGT-FNME adopted a statement (Communiqué de Press - FR)