By INTI LANDAURO
PARIS -- French oil company Total said Friday it has signed
a final agreement to sell TIGF, a regional gas pipeline
network, to a group comprising Italy's Snam, Singaporean
sovereign fund GIC, and French state-controlled power
utility Electricite de France.
Total had announced two months ago it had picked the Snam-led
group to sell its natural
gas transportation business in southwest France in a deal,
valuing it at 2.4 billion ($3.1 billion).
Snam, a gas transportation and storage company, holds 45% in
the consortium, with GIC and EDF owning 35% and 20%,
TIGF was put up for sale last autumn as part of a wider
strategy to sell 20 billion of assets by 2015 to
help boost its cash flow and finance substantial
Total asked potential buyers to protect jobs and working
conditions, and maintain TIGF's headquarters in the
southwestern town of Pau. TIGF employs 500 people and
generates 353 million a year.
Dow Jones Newswires