Total in Talks to Sell Unit to Snam-Led Group for $3.26 Billion
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Total SA entered exclusive talks to sell the TIGF natural gas network in southwestern France to Snam SpA, Electricite de France SA and the Government of Singapore Investment Corp. for 2.4 billion euros ($3.26 billion).
The selected group will “support TIGF in its further development, while meeting commitments made to TIGF’s employees and partners,” Paris-based Total said in a statement yesterday. The unit, which has 5,000 kilometers (3,100 miles) of pipelines and more than a fifth of the country’s storage capacity, drew seven initial bids, Total Chairman and Chief Executive Officer Christophe de Margerie said in November.