Wedded Bliss Still Eludes French Utilities

France's constitutional court has ruled that Gaz de France and Suez can merge, but cannot live together until next July. The two might instead decide not to merge at all. The court chose July because France's energy-market liberalization should have taken place by then. But if Socialist Segolene Royal wins France's May presidential election, she may call for the re-nationalization of GdF and Electricite de France, major providers of natural gas and electric power respectively. However, chances of a GdF-Suez merger have not disappeared. The government, GdF's major shareholder, and the Suez board may revise original merger terms by February allowing shareholder meetings to go ahead before the elections.