Total enters TIGF sale talks with Snam-led group

PARIS Tue Feb 5, 2013 1:55pm EST

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PARIS Feb 5 (Reuters) - French oil major Total said it has selected a consortium led by Italian gas transport group Snam for exclusive talks on the sale of its TIGF gas network business.

Snam's offer values the business at 2.4 billion euros ($3.25 billion), Total said in a statement on Tuesday.

The sale of TIGF is part of Total's plan to shed 15 to 20 billion euros in assets by 2014 to help it finance investments in other areas, such as exploration, and boost cash flow.

Snam has teamed up with Singapore's GIC sovereign wealth fund and French power group EDF.

The other group bidding consisted of Belgian gas company Fluxys and French state bank Caisse des Depots (CDC), alongside AXA Private Equity, Credit Agricole's Predica insurance unit, CNP Assurances and the Abu Dhabi Investment Authority. ($1 = 0.7392 euros) (Reporting by James Regan; Editing by Louise Heavens)

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