Woodford backs International Power takeover talks

Neil Woodford, the largest shareholder in International Power, has backed the energy group's proposed tie-up with French giant GDF Suez.

Woodford's Invesco Perpetual, which has an 11% stake in the FTSE 100 company, says the deal made "a lot of sense". "We are keen in principle on the combination," the renowned investor told the Financial Times. International Power has seen its share price climb 10.92% to 351.4p today on the back of the proposed deal. The stock was a 1.5% holding across Woodford's giant income portfolios at end March. The tie-up, which would be classified as a reverse takeover under UK rules, was expected to include an issue of shares by International Power to GDF, making the French group its majorit...