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EDF Part of Group in Bid for Total's TIGF Gas Storage Unit - Report

Date : 11/19/2012 @ 1:24PM
Source : Dow Jones News
Stock : Total S.A. (TOT)
Quote : 66.63  -2.78 (-4.01%) @ 5:30AM
Total S.A share price Chart

EDF Part of Group in Bid for Total's TIGF Gas Storage Unit - Report

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PARIS--French state-controlled power group Electricite de France SA (EDF.FR) is part of a consortium which has bid to acquire Total SA's (TOT) French gas storage unit TIGF, French business daily Les Echos reports Monday, citing unspecified sources.

TIGF is valued between 2 and 3 billion euros ($2.55 billion and $3.83 billion) and is part of Total's program of EUR15 to EUR20 billion of planned disposals by 2015, to give the oil and gas major increased financial flexibility for its investment plans, mostly in exploration and production.

An EDF spokeswoman declined to comment. A Total spokesman also declined to comment.

GDF Suez SA (GSZ.FR) has decided not to bid for TIGF, Les Echos also reported. No one at GDF Suez was immediately available to comment

Newspaper Web site: http://www.lesechos.fr

Write to Geraldine Amiel at geraldine.amiel@dowjones.com



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