Total to sell French TIGF gas pipeline network
By INTI LANDAURO
PARIS -- French oil company Total said Friday it has signed a final agreement to sell TIGF, a regional gas pipeline network, to a group comprising Italy's Snam, Singaporean sovereign fund GIC, and French state-controlled power utility Electricite de France.
Total had announced two months ago it had picked the Snam-led group to sell its natural gas transportation business in southwest France in a deal, valuing it at €2.4 billion ($3.1 billion).
Snam, a gas transportation and storage company, holds 45% in the consortium, with GIC and EDF owning 35% and 20%, respectively.
TIGF was put up for sale last autumn as part of a wider strategy to sell €20 billion of assets by 2015 to help boost its cash flow and finance substantial investments.
Total asked potential buyers to protect jobs and working conditions, and maintain TIGF's headquarters in the southwestern town of Pau. TIGF employs 500 people and generates €353 million a year.
Dow Jones Newswires
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