Total has signed an agreement to sell an interest of 50% plus one share in Géosel Manosque (Géosel) to a 50-50 consortium composed of EDF Invest and Ardian. The transaction values Total's interest at €265 million as at January 1, 2015, excluding inventory and is subject to the confirmation of the other Géosel shareholders and the customary regulatory approvals.
Total, which currently owns a 53.4% stake in Géosel, will remain a minority shareholder with an interest of 3.4% and will continue to use Géosel’s infrastructure, mainly to ensure logistics for its industrial facilities in southern France.
“The sale of this infrastructure asset is part of our programme to sell US$10 billion in assets by 2017 and reflects Total’s active portfolio management strategy,” commented Patrick de La Chevardière, Chief Financial Officer of Total.
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.
See more at: http://www.total.com/en/media/news/press-releases/france-total-sells-majority-interest-geosel-edf-invest-and-ardian#sthash.156XKWtE.dpuf
Adapted from a press release by Louise Mulhall