Total Progresses $10B Asset Sale Plan, Sells Majority Geosel Stake
Total announced Thursday that it has signed an agreement to sell an interest of 50 percent plus one share in Geosel Manosque, to a 50/50 consortium comprising EDF Invest and Ardian.
The transaction, which is valued at $296 million, is part of Total’s plan to sell $10 billion in assets in the next two years. Total currently owns a 53.4 percent stake in Geosel and will remain a minority shareholder of the company following the conclusion of the deal, with an interest of 3.4 percent.
Commenting on the asset sale, Total Chief Financial Officer Patrick de La Chevardiere said in a company statement:
“The sale of this infrastructure asset is part of our program to sell $10 billion in assets by 2017 and reflects Total’s active portfolio management strategy.”
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