He is also the biggest shareholder in France's fourth-biggest industrial group, Suez Lyonnaise des Eaux, with about 11.5%.

ECONOMIST: Closing the deals

In a strictly financial sense, the deal will certainly paper over a few unseemly cracks particularly at Lyonnaise des Eaux.

ECONOMIST: Suez and Lyonnaise des Eaux

Just ask Suez-Lyonnaise des Eaux, a French finance and utilities group.

ECONOMIST: Tractebel the intractable