For Europe's other energy companies, the Gaz de France-Suez deal raises the temperature on their ambitions towards mergers and acquisitions of their own.

The lesson from yesterday's announcement is that, in spite of the credit crunch and all the difficulties in squaring off politicians and shareholders, it is still possible to do a deal. Following the takeover of Endesa of Spain - led by Enel of Italy in another long-running saga that finally reached a conclusion this year - that message is heartening for would-be bidders.