France: GDF SUEZ in Advanced Talks with CNP Assurances-Caisse des Depots Consortium

GDF SUEZ recently entered advanced discussions with a public consortium composed of CNP Assurances, CDC Infrastructure and Caisse des Dépôts for the joint development within GRTgaz of a long-term natural gas transmission partnership to operate in France and Europe. The consortium would take a 25% minority stake in GRTgaz.

The entry of a public partner in GRTgaz is entirely consistent with the logic of the 3rd European Directive while ensuring GRTgaz remains at the heart of the natural gas strategy of the GDF SUEZ Group and strengthening its leadership in Europe. Within this partnership, GRTgaz will extend its activities beyond France by the acquisition of the GDF SUEZ equity stakes in European transmission operators in Germany (GRTgaz Deutschland GmbH and MEGAL GmbH), and in Austria (BOG GmbH).

The consortium’s offer values the 25% equity stake at €1.110 billion.

The GDF SUEZ Board of Directors views this operation as having strong strategic interest for the Group and for GRTgaz. It will be presented for consultation to the Group’s employee representative bodies, with the procedure expected to be concluded during the second half of 2011.

Gérard Mestrallet, Chairman and Chief Executive Officer of GDF SUEZ, declared: “The entry of a long-term partner in the capital of GRTgaz is consistent with the business strategy of GDF SUEZ. It strengthens the GRTgaz development plan and provides security for an ambitious investment program over the next ten years in a context of high infrastructure needs in Europe.”

Gilles Benoist, Chief Executive Officer of CNP Assurances, stated “Our entry into the capital of GRTgaz is part of CNP Assurances long-term investment policy. This equity investment in a regulated company is destined to create value for our customers while providing a steady income stream.”

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Source: GDF SUEZ, April 15, 2011;