Total eyes $3.3bn gas sale

AFP/Scanpix

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Eoin O'Cinneide

 05 February 2013 20:01 GMT

Total is locked in discussions with a group of companies including compatriot EdF over the sale of a gas asset.

Italy's Snam and the government investment corporation of Singapore join EdF in the consortium which has entered "exclusive negotiations" with the French supermajor for Transport et Infrastructures Gaz France (TIGF).

Revealing the negotiations after the close of markets in Europe on Tuesday, Total said the offer from the consortium values the gas transmission and storage services player at EUR 2.4 billion ($3.26 billion).

"The proposed sale is aligned with Total’s active portfolio management strategy," the oil company said.

Chief executive Christophe de Margerie said: "The consortium selected, consisting of industry-leading operators and long term…

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