France's Total Agrees to Acquire 37.4% of India's Adani Gas
14 Octobre 2019 - 6:22AM
Dow Jones News
By Saurabh Chaturvedi
Total SA (FP.FR) has agreed to acquire a 37.4% stake in India's
Adani Gas Ltd. (542066.BY) as the French oil-and-gas major looks to
expand its footprint in the energy-hungry South Asian nation.
India's natural-gas market has substantial growth potential as
New Delhi aims to diversify its energy mix and develop the domestic
use of gas in cities and as fuel for vehicles as part of a broader
goal to cut emissions, Total said. India has set a target of
increasing the share of natural gas in its energy mix to 15% by
2030 from 7% at present.
"The natural gas market in India will have a strong growth and
is an attractive outlet for the world's second-largest LNG player
that Total has become," Total's chief executive and chairman,
Patrick Pouyanne, said in a statement Monday.
Shares in Adani opened 18% at INR162.40 following news of the
deal.
The French company said it will initially launch a tender offer
to public shareholders to acquire up to 25.2% in Adani. It will buy
the remainder from the Adani family. After the deal, the family and
Total will each hold 37.4% stakes, while 25.2% will be with the
public, Adani Gas said in a separate statement filed with the
Bombay Stock Exchange on Monday.
The companies didn't disclose details on the value to the deal.
Based on Adani Gas's current market capitalization, a 37.4% stake
would cost about 56.77 billion Indian rupees ($800.4 million).
Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com
(END) Dow Jones Newswires
October 14, 2019 00:07 ET (04:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
TotalEnergies (EU:TTE)
Graphique Historique de l'Action
De Mar 2024 à Avr 2024
TotalEnergies (EU:TTE)
Graphique Historique de l'Action
De Avr 2023 à Avr 2024
