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GDF scraps sale of gas storage unit -sources
January 23, 2013 / 12:55 PM / 5 years ago

GDF scraps sale of gas storage unit -sources

FRANKFURT/PARIS, Jan 23 (Reuters) - GDF Suez, Europe’s biggest utility, has scrapped the sale of a stake in its German gas storage unit, as bids came in too low, two people familiar with the matter said.

In a bid to cut debt, GDF last summer launched the sale of a minority stake in its Storengy Deutschland unit, which is hurt by weak gas prices, and it was hoping to get offers of at least 500 million euros ($664 million), the sources added.

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