GDF/International Power: paying dues

International Power is giving GDF Suez a financing puzzle. The French energy group is eyeing its UK-based rival. The acquisition would fit nicely with its overall industrial strategy. But GDF is loath to launch an all-cash bid, which would set it back more than 5.2 billion pounds at current market prices – and force it to absorb International Power’s own 5.6 billion pounds of debt. And it can’t issue shares because the French government, which owns 35 percent of the company, doesn’t want to be d...