GDF Suez board backs China alliance

PARIS: French utility GDF Suez's board gave the green light for an alliance with China Investment Corporation that will help it expand in the booming Asia-Pacific region, a board member told Reuters on Tuesday.

The deal will see CIC pay 2.3 billion euros ($3.24 billion) for a 30 percent stake in GDF's exploration and production business, the board member said.

Asked if the deal had been approved, the board member said: "Yes."

"CIC will make an investment in the order of 2.3 billion euros for a stake of 30 percent (in the unit)," the board member said, declining to be identified by name.

"The signature should come in the coming days," the board member said, adding that no date had been set.

Copyright Reuters, 2011