TTA: TOTAL: Total Completes the Sale of TIGF
UK Regulatory Announcement
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) has today closed the sale of Transport
et Infrastructures Gaz France (TIGF) to the consortium of Snam (45%),
GICPrivateLimited (35%), and EDF (20%) for an enterprise value of €2.4
billion. Total sold 100% of TIGF’s share capital in exchange for cash proceeds
of €1.6 billion and the assumption of debts.
Patrick de La Chevardière, Chief Financial Officer of Total, noted, “This sale
is a major step forward in achieving our 15-20 billion dollar asset sale
program. We are well on-track and will continue to actively manage our
portfolio to focus on growth opportunities”.
The closing of the transaction follows the completion of the TIGF employee
representatives’ consultation process and the receipt of all necessary
approvals from the relevant authorities.
TIGF provides gas transmission and storage services in 15 departments in
southwestern France. It manages a network of 5,000 kilometers of pipeline that
carries 13% of the total volume of gas transported in France and operates 22%
of the country’s gas storage capacity with two important gas storage sites in
Lussagnet and Izaute. With approximately 500 employees, TIGF generated
revenues of over €350 million in 2012 (www.tigf.fr).
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Total is one of the largest integrated oil and gas companies in the world,
with activities in more than 130countries. The Group is also a first rank
player in chemicals. Its 97,000employees put their expertise to work in every
part of the industry – exploration and production of oil and natural gas,
refining and marketing, new energies, trading, and chemicals. Total is working
to help satisfy the global demand for energy, both today and tomorrow.
Capital 5941838402,50 euros
542 051 180 R.C.S. Nanterre
Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Robert HAMMOND (U.S.)
Robert PERKINS (U.S.)
Tel. : (1) 713-483-5070
Fax: (1) 713-483-5629
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France
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