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French utility groups Suez and Gaz de France (GDF) have agreed to merge to create one of the world's largest energy firms, worth 70bn euros (£47bn).

Both firms have been trying to merge since 2006, but a final deal was agreed over the weekend following meetings between both firm's boards.

Under the terms of the deal, the French government will hold more than 35% of the new firm - to be called GDF Suez

The deal has faced opposition from unions who feared job losses.

The French government currently owns 80% of GDF, and was keen to prevent Suez from merging with the Italian energy company Enel.

source: news.bbc.co.uk