Information  X 
Enter a valid email address
  Print          More announcements

Tuesday 08 May, 2012

Galp Energia. SGPS, S.A.

Galp Energia. SGPS, S.A. : informs about acquis...

Galp Energia. SGPS, S.A. : informs about acquisition of stakes in the natural gas distribution companies Setgás and Lusitaniagás

Galp Energia announces the agreement for the acquisition of Eni's stakes in the natural gas distribution companies Setgás and Lusitaniagás

Galp Energia has signed an agreement with Eni, S.p.A (ENI) for the acquisition of ENI's stakes of 21.9% of Setgás and 10.6% of Lusitaniagás. Setgás and Lusitaniagás have the concession contracts for the natural gas distribution in the South and Centre Coast regions of Portugal, respectively. This acquisition amounted to €40.5 million.

Following this transaction, Galp Energia will hold a stake of 66.9% and 96.3% in the regulated natural gas distribution companies Setgás and Lusitaniagás, respectively, and will start fully consolidating Setgás on its accounts, which was being accounted through the equity method.

In line with the articles of association, the "non-exiting" shareholders of Setgás and Lusitaniagás will have the possibility to exercise their right of first refusal over Eni's stakes. The completion of the transaction is subject to the approval of the relevant authorities.

In Portugal the natural gas distribution activity is a regulated business and Galp Energia holds stakes in five distribution companies and in four local distribution companies. In 2011, those companies distributed 1.5 billion cubic meters of natural gas and the distribution network had an extension of 11,655 km.

Galp Energia. SGPS, S.A., Public Company
Investor Relations and Corporate Communication Division

Rua Tomás da Fonseca, Torre A
1600-209 Lisbon, Portugal
Tel: +351 217 240 866
Fax: +351 217 242 965
Email: [email protected]

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Galp Energia. SGPS, S.A. via Thomson Reuters ONE


a d v e r t i s e m e n t