Energy giant Total is looking to sell its outstanding shares in its liquefied petroleum gas (LPG) distributor to Antargaz.
The company entered into exclusive talks with the French distributor’s parent company UGI Corporation over Totalgaz as part of its strategy of “assertively managing its asset portfolio.”
“Within the specific context of the European LPG distribution market, Totalgaz will be able to pursue its industrial and commercial development backed by a leading industrial company,” said Philippe Boisseau, member of Total’s executive committee and president of marketing and services.
“UGI has a long-term strategic vision, with a strongly expanding presence in European markets.
“Total closely examined not only UGI’s ability and commitment to support Totalgaz’s growth, but also the pledges made with regard to the workforce.”
Totalgaz employs around 750 people in France and generates revenue of close to $1.4billion.
The transaction is subject to the approval of relevant administrative and regulatory authorities, Total added.
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