US$4.3b deal close
Source: Bloomberg News |
August 9, 2011, Tuesday
|
Print Edition
Print Edition
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 (US$4.3 billion) to China Investment Corp, a person familiar with the negotiations has said.
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.
"This helps them secure strong growth in demand in Asia," said Ashley Thomas, an analyst at MF Global in London.
"They could have gone with someone who was purely a financial investment, but they seem to have gone with someone who could offer strategic advantages."
A transaction would take GDF Suez, operator of Europe's largest natural-gas distribution grid, toward a goal of selling 10 billion euros of assets by 2013, the person said.
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.
"This helps them secure strong growth in demand in Asia," said Ashley Thomas, an analyst at MF Global in London.
"They could have gone with someone who was purely a financial investment, but they seem to have gone with someone who could offer strategic advantages."
A transaction would take GDF Suez, operator of Europe's largest natural-gas distribution grid, toward a goal of selling 10 billion euros of assets by 2013, the person said.
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