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Snam SpA in Consortium with The Government of Singapore Investment Corporation Pte Ltd and Electricite de France SA Sign Definitive Agreement with Total SA for Acquisition of TIGF


Friday, 5 Apr 2013 02:53am EDT 

Snam SpA announced that the Consortium constituted by Snam (45%), The Government of Singapore Investment Corporation Pte Ltd (GIC) (35%), and Electricite de France SA (EDF) (20%, through its dedicated assets for the dismantling of nuclear plants), has entered into a definitive agreement with the Total SA group for the acquisition of its gas transport and storage business in the South-West of France – TIGF (Transport et Infrastructures Gaz France). TIGF represents a strategic platform for the interconnection of the European gas markets, thus contributing to their further liquidity and guaranteeing security of supplies to France and Europe. Based in Pau and locally managed, TIGF employs approximately 500 persons and operates a 5,000 km-long gas pipeline network and two important gas storage sites in Lussagnet and Izaute. On February 5, 2013, the Consortium and Total had entered into exclusive negotiations in respect of this potential acquisition. Closing of the transaction remains subject to approvals by relevant regulatory and antitrust authorities. 

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