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Snam SpA Announces Total SA Enters Into Exclusive Negotiations On Sale of TIGF to Snam SpA, Electricite de France SA and The Government of Singapore Investment Corporation Pte Ltd


Tuesday, 5 Feb 2013 03:03pm EST 

Snam SpA announced that Total SA has agreed to enter into exclusive negotiations with the Consortium constituted by Snam SpA together with Electricite de France SA (EDF) and The Government of Singapore Investment Corporation Pte Ltd (GIC) for the acquisition of Total's gas transport and storage business -TIGF- in South-West France. The Consortium is constituted 45% by Snam SpA, 35% by GIC and 20% by EDF. The Consortium's offer to Total reflects an enterprise value of EUR 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. Total will start consultations with TIGF's employee representative bodies regarding the Consortium offer. These consultations will be completed before the finalization of any definitive agreement. 

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