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TIGF: Total enters into exclusive negotiations with the Consortium constituted by EDF, SNAM and GIC

Price sensitive
EDF, Snam and GIC announce that Total has agreed to enter into exclusive negotiations with their Consortium for the acquisition of Total's gas transport and storage business -TIGF- in South-West France. The consortium, constituted by Snam, the Italian gas transport and storage operator (45%), GIC, the Singaporean sovereign fund (35%) and EDF (20%, through its dedicated assets fund [for the dismantling of nuclear plants]), represents a well-balanced mix between industrial expertise and financial capabilities. The Consortium's offer to Total reflects an enterprise value of Euro 2.4 billion for TIGF.
Based in Pau and locally managed, TIGF (Transport et Infrastructures Gaz France) employs over 500 persons, with a gas pipeline network that covers France's South-West region and two important gas storage sites in Lussagnet and Izaute.
Speaking on behalf of the Consortium, Thomas Piquemal, Member of EDF's Executive Committee and Group CFO, and Carlo Malacarne, Snam’s CEO, stated: " The Consortium greatly looks forward to meeting in Pau with TIGF's employee representatives to present its plans for the support and the development of TIGF. We want to share our vision for a strong TIGF and for its role as a leading gas infrastructure located at the heart of the European network."  
Total will now start consultations with TIGF's employee representative bodies regarding the Consortium offer. These consultations will be completed before the finalisation of any definitive agreement.
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CONTACTS

SNAM

Press:
Patrizia Rutigliano : +39 023 7037397
Delphine Lacroix :+331 82 15 02 81
 
Analysts and Investors:
Marco Porro +39 02 37037363
 
EDF
Press:
Carole Trivi & Alison Marquilly +33 (0)1 40 42 46 37
Analysts and Investors:
Carine de Boissezon +33 (1) 40 42 45 53
David Newhouse (US investors) +33 (1) 40 42 32 45

CIG

Press:
Jennifer Lewis - (65) 6889 8383

Email: jenniferlewis@gic.com.sg 

 
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updated
05 August 2016 - 16:19 CEST