It has been a corporate track event somewhere between a marathon and an obstacle race. But now, after more than two years, the planned merger between Suez and Gaz de France is within sight of the finish line. The two companies held board meetings on Wednesday to approve the plan and set the date for shareholder meetings next month. If agreed then, the deal would create a European energy giant in which the French government would hold a 35.6 per cent stake.

Back in February 2006, the merger seemed like the answer to two questions at once. It would protect Suez from the unwanted interest shown by Italian group Enel, and call into existence a national champion second in Europe only to Eon of Germany. The industrial logic box was ticked by the opportunity for Suez to cross-sell electricity to GdF’s 12m gas clients in France.