By Benjamin Chiou
Date: Thursday 28 Jun 2012
Shares of energy giant International Power (IPR) were suspended from trading on the London Stock Exchange (LSE) on Thursday morning as its takeover by parent company GDF SUEZ faced delays.
On April 16th, the companies announced that they had reached agreement on terms of a recommended cash offer for the remaining shares of IPR. This is to be effected by means of a court-sanctioned scheme of arrangement.
"Pursuant to the terms of the Scheme and Listing Rules 5.1 and 5.3, IPR announces that the listing of the IPR Shares on the Official List and trading of the IPR Shares on the London Stock Exchange has been suspended, effective from 07.00 today," the company said in a statement.
The court hearing to sanction the scheme and confirm the associated capital reduction was scheduled for yesterday and was expected to become effective today. However, the cancellation of the listing of the IPR shares on the official list in London and admission to trading of the IPR shares on the LSE did not take place and is now expected to take place by no later than 08:00 on July 2nd.
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