Total and ERG Sell Remaining Joint Venture Assets to Anonima Petroli Italiana
November 03 2017 - 2:22PM
Dow Jones News
By Anthony Shevlin
Total SA (FP.FR) and ERG SpA (ERG.MI) said Friday that they have
signed an agreement with Anonima Petroli Italiana SpA (API.YY) to
sell the fuel marketing and refining assets in their TotalErg joint
venture.
Total said this transaction, which follows the divestment of the
commercial sales and liquefied petroleum gas businesses, completes
the sale of all of TotalErg's assets for a final amount of 750
million euros ($874 million).
Total said that although TotalErg is the fourth-largest fuel
marketer in Italy, the market is fragmented and the profitability
outlook was "not in line" with the group's expectations.
The French oil-and-gas company added that it has retained 100%
of the joint venture's lubricants activities after acquiring ERG's
51% stake in the division. The move comes as Total focuses on
reinforcing its lubricants business in Italy.
The agreement is subject to the approval of the relevant
authorities.
Write to Anthony Shevlin at anthony.shevlin@dowjones.com
(END) Dow Jones Newswires
November 03, 2017 14:07 ET (18:07 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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