* No information internally about possible tie-up with RWE
* CGT says not essential for state to hold 33 pct of Engie
PARIS May 22 A Franco-German alliance between
Engie and RWE could make sense from an
industrial point of view, provided it has no impact on jobs,
Engie's top union official told Reuters on Monday.
Sources familiar with the situation told Reuters on Friday
that the two utilities were studying a deal under which RWE
could swap its majority stake in renewable energy and grids unit
Innogy for a minority stake in Engie.
"This is still vague but it perfectly fits the current
European project of (Engie chief executive) Isabelle Kocher,"
Engie's CGT union central coordinator Eric Buttazzoni said.
He said that internally no information had been given about
possible talks with RWE, but that from an industrial perspective
such a project could make sense.
A swap would automatically reduce the share of the French
state in Engie's capital, which currently stands at 28.65
Following the 2008 merger between Gaz de France and Suez
that formed GDF Suez, the government - under union pressure -
wrote into law that the French state should always control at
least one third of the utility's capital.
But the state's share in GDF Suez, renamed Engie in 2015,
has already fallen below that level following stake sales
earlier this year, using the double vote provisions of the
Florange law under which it can halve its capital stake but keep
the same level of control.
Buttazzoni said it would make little difference whether or
not the state goes back to a one-third stake or not.
"The state approves all the company's decisions and is there
only to cash its dividends. In my view, the state is no longer
looking after us and it makes no difference whether or not it
holds a third of the capital or not," Buttazzoni said.
(Reporting by Benjamin Mallet; Writing by Geert De Clercq;
Editing by Keith Weir)