GDF Suez Said Close to Selling 30% Stake in Unit to CIC

GDF Suez SA is close to a deal to sell about 30 percent of its exploration and production business for as much as 3 billion euros ($4.3 billion) to China Investment Corp., said a person familiar with the negotiations.

The sale, which is part of a broader joint venture, could be announced as soon as this week, said the person, who declined to be identified because the matter is private. A transaction may still fail to occur. Spokesmen for CIC, China’s sovereign wealth fund, and Paris-based GDF Suez declined to comment.