General Aspects
When Isma'il Pasha became Wāli of Egypt and Sudan in 1863, he refused to adhere to the concessions to the Canal company made by his predecessor Said. The problem was referred during 1864 to the arbitration of Napoleon III, who awarded £3,800,000 to the company as compensation for the losses they would incur by the changes to the original grant which Ismail demanded. During 1875, financial crisis forced Isma'il to sell his shares to the British Government for only £3,976,582.
The company operated the canal until its nationalization by Egyptian President Gamal Abdel Nasser in 1956, which led to the Suez Crisis. In 1962, Egypt made its final payments for the canal to the Universal Suez Ship Canal Company and took full control of the Suez Canal.
In 1997, the company merged with Lyonnaise des Eaux to form Suez S.A., which was later merged with Gaz de France on 22 July 2008 to form GDF Suez.
Read more about this topic: Suez Canal Company
Famous quotes containing the words general and/or aspects:
“Mr. Chadband is a large yellow man, with a fat smile, and a general appearance of having a good deal of train oil in his system.”
—Charles Dickens (1812–1870)
“The happiest two-job marriages I saw during my research were ones in which men and women shared the housework and parenting. What couples called good communication often meant that they were good at saying thanks to one another for small aspects of taking care of the family. Making it to the school play, helping a child read, cooking dinner in good spirit, remembering the grocery list,... these were silver and gold of the marital exchange.”
—Arlie Hochschild (20th century)