Total said that it has entered into exclusive negotiations with UGI corporation to sell all the outstanding shares of Totalgaz.
“Within the specific context of the European LPG distribution market, Totalgaz will be able to pursue its industrial and commercial development backed by a leading industrial company. UGI has a long-term strategic vision, with a strongly expanding presence in European markets,” commented Philippe Boisseau, member of Total’s Executive Committee and President of Marketing & Services . “Total closely examined not only UGI’s ability and commitment to support Totalgaz’s growth, but also the pledges made with regard to the workforce,” said Boisseau.
UGI’s offer was presented at a Special Meeting of the Central Works Council of the M&S UES and a Special Meeting of the Central Works Council of Totalgaz.
[mappress]
Press Release, July 3, 2014; Image: Total