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France: Regulator approves Total unit sale to UGI

By  |  May 18, 2015

France’s antitrust agency has authorized the sale of Total’s liquefied-petroleum-gas unit in France to UGI (UGI), provided the buyer sells some storage facilities and amends supply contracts with Total.

The local anti-trust agency, known as Autorite de la Concurrence, said the merger without conditions would have given UGI’s local unit Antargaz too strong a position in the market.

“The new capacity would have allowed it to deliver gas in conditions competitors wouldn’t be able to match.”

Antargaz has agreed to sell some of its storage capacity and stakes in its large maritime facilities to its rivals. The company also has agreed to cut its supply contract with Total’s refineries after one year.

Total and UGI last July announced the sale of the unit for 400 million euros.

 

Full content: Capital.gr

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