logo
Share SHARE
FONT-SIZE Plus   Neg

Total In Talks With Consortium Of Snam, EDF And GIC On Proposed Sale Of TIGF

French oil giant Total SA (TOT, TTFNF.PK, TTA.L) on Wednesday said it has entered into exclusive negotiations with a consortium regarding the proposed sale of all outstanding shares of Transport et Infrastructures Gaz France or TIGF. The offer values the company at 2.4 billion euros. Total said the proposed sale is aligned with its active portfolio management strategy.

The consortium, comprising French utility group Electricité de France S.A. or EDF (EDFEF.PK), Italian natural gas transportation and distribution services provider Snam SpA (SNMRY.PK,SNMRF.PK) and Government of Singapore Investment Corp. or GIC, has submitted a firm offer to acquire TIGF.

TIGF, with almost 500 employees, provides gas transmission and storage services in southwestern France. It manages a network of about 5,000 kilometers of pipeline that carries 13 percent of the total volume of gas transported in France and operates 22 percent of the country's gas storage capacity. TIGF generated revenues of over 350 million euros in 2011.

The proposed sale is subject to information and consultation procedures with the relevant employee representative bodies, including consultation with relevant authorities.

Total noted that the dialogue was initiated with employee representatives from the commencement of the process leading to an agreement — "Undertakings in Case of the Sale of TIGF" — that was signed on January 23. In particular, the agreement includes provisions concerning maintaining jobs, benefits and TIGF's headquarters in Pau.

Christophe de Margerie, Chairman and CEO of Total, said, "The consortium selected, consisting of industry-leading operators and long term investors, will support TIGF in its further development, while meeting the commitments made to TIGF's employees and partners."

In Paris, Total shares closed Tuesday's trading at 39.45 euros, up 0.45 euros or 1.15 percent.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
RELATED NEWS
Trade TOT now with 
Follow RTT