French multi-utility Suez has been given approval from the board of Electrabel for its €11.2 billion bid for the 49.9% of the Belgian utility that it doesn't already own.
Approval was expected from a board that is dominated by Suez appointees but the vote was welcome in the face of opposition from Belgian municipalities which own 4.65% of Electrabel.
Suez's public offer will close mid-October with the deal is likely to close in early November after Suez offered to pay €322 in cash plus four shares for each Electrabel share.
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