GDF Suez and CIC hold talks over cooperation

Sovereign wealth fund will pay $3.2b for 30% of production unit

PARIS - GDF Suez SA and China Investment Corp (CIC) are in exclusive talks to seal a $4 billion alliance that will help the French utility fund its expansion in booming Asia and offer China access to new energy resources.

GDF Suez outlined the details of the partnership, its second large deal in less than a year after its purchase of 70 percent of British group International Power PLC through an asset swap, when it unveiled first-half earnings boosted by acquisitions.