Total has signed an agreement to sell an interest of 50% plus one share in Geosel Manosque to a consortium of EDF invest and Ardian.
The transaction has been valued at €265million and is subject to confirmation of the other Geosel shareholder and customary regulatory approvals.
Total, which currently owns a 53.4% stake in Geosel, will remain a minority shareholder with an interest of 3.4% and will continue to use the company’s infrastructure.
Patrick de La Chevardière, chief financial officer of Total, said:“The sale of this infrastructure asset is part of our program to sell $10 billion in assets by 2017 and reflects Total’s active portfolio management strategy.”
“The guarantees and strengths offered by the EDF Invest-Ardian consortium, for which this investment is a long-term commitment, make it a suitable majority shareholder in Géosel.”
Earlier this year, Total sold its minority interests in the West of Shetland fields for £565million.
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