France's Total Sells its Italian Gas Business to UGI

Source Reuters
Company TotalERGUGI Corporation 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date September 22, 2017

French oil and gas major Total (TOTF.PA) has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp (UGI.N), an industry source said on Friday.

The sale is part of a move by the company to sells its assets in the Italian downstream retail market.

Total has said it plans to sell TotalErg, a joint venture with ERG (ERG.MI) that controls close to 2,600 service stations in Italy and has a market share of around 11 percent.

Total and UGI declined to comment.

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