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Tensions are mounting between Suez and Gaz de France. But that alone won’t thwart the merger of the French utilities. GdF is now openly airing its grievances. It is irked that Suez chairman Gerard Mestrallet negotiated alone with the Belgian government to clinch its agreement to the deal; it fears the company’s corporate governance will be skewed in favour of Suez; it is worried the combined group is having to give away strategic assets to win EU merger approval, including Distrigas, the Belgian...