Private equity houses are now sizing up corporate assets which French utilities group Suez may be forced to sell if its €35.7bn ($43bn) bid for Gaz de France is successful.

The head of one large buy-out house active in the French market has told Financial News that they have identified potential sales of Electrabel, the dominant electricity supplier in Belgium which Suez acquired in a €11.4bn deal last year; the former Lyonnais des Eaux water distribution business which generated revenues of €3.5bn last year; Suez's refuse-treating subsidiary, which made revenues of €4.6bn; and the gas distribution activities, which made €4bn in revenues.