PARIS, April 14, 2011 /PRNewswire-FirstCall/ -- A public consortium comprising CNP Assurances, CDC Infrastructure and Caisse des Depots is in advanced discussions with GDF SUEZ to forge a long-term partnership in the natural gas transportation industry in France and the rest of Europe. To this end, the consortium would acquire a 25% minority interest in GRTgaz for EUR1.1 billion.
"The decision to acquire an interest in GRTgaz is aligned with CNP Assurances's long-term investment strategy," said Gilles Benoist, Chief Executive Officer of CNP Assurances."This strategic investment in a regulated business will create value for our customers while also providing a source of regular income."
GDF SUEZ's employee representatives will be consulted about the plan, a process that could be completed by the second half of 2011.
The consortium intends to support GRTgaz's development plan for the next ten years, at a time when Europe has major infrastructure needs. The consortium's backing will allow GRTgaz to expand its business beyond France by acquiring GDF SUEZ's stakes in other European natural gas transportation companies, including GRTgaz Deutschland GmbH and MEGAL GmbH in Germany and BOG GmbH in Austria.
About GDF SUEZ
GDF SUEZ develops its businesses around a model based on responsible growth to take up today's major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources.
About the public consortium
France's leading personal insurer, CNP Assurances designs, develops and manages life insurance contracts that are distributed through a variety of partners, including major banking networks, financial institutions and mutual insurers.
As a public financial institution, Caisse des Depots is a long-term investor serving the public interest and France's economic development.
CDC Infrastructure is a subsidiary of Caisse des Depots set up to invest in the infrastructure sector. Press Relations Florence de Montmarin +33(0)1-42-18-86-51 Tamara Bernard +33(0)-1-42-18-86-19 e-mail : [email protected] Investor and Analyst Relations Jim Root +33(0)1-42-18-71-89 Annabelle Beugin-Soulon +33(0)1-42-18-83-66 e-mail: [email protected]
SOURCE CNP Assurances