BRUSSELS, Sept 23: The merger between French utility giants Suez and Gaz de France could lead to 20,000 job cuts over three years, according to a report by three banks prepared for trade unions at GDF, a Belgian daily said on Saturday.

The newspaper, De Tijd, said the banks which prepared the report were Exane, Citigroup and ING, but GDF had dismissed the study as based on “fantasy” while Suez said the planned 72 billion-euro merger would create, rather than reduce jobs.

Suez submitted a merger notification to the European Commission last week. The paper said the Commission was likely to announce its decision on Nov. 8 and that the ruling was likely to be positive for the two firms.

—Reuters