UPDATE 1-GDF Suez approves China alliance -board member

Tue Aug 9, 2011 5:48pm GMT

* China's CIC to pay 2.3 bln eur for 30 pct unit stake

* GDF Suez finds financial backer for costly projects

* Beijing strengthens hand in Western energy assets

* French CGT union angry over deal


PARIS, Aug 9 (Reuters) - (Updates with board backing for alliance)

By Marie Maitre

PARIS, Aug 9 (Reuters) - French utility GDF Suez's board gave the green light for an alliance with China's sovereign wealth fund that will help it expand in the booming Asia-Pacific region, a board member told Reuters on Tuesday.

The deal will see China Investment Corp (CIC) pay 2.3 billion euros ($3.2 billion) for a 30 percent stake in GDF's exploration and production business, the board member said.   Continued...

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