Total has signed an agreement to sell an interest of 50% plus one share in Géosel Manosque to a 50-50 consortium composed of EDF Invest and Ardian. The transaction values Total's interest at €265 million as at Jan. 1, excluding inventory. The deal is subject to the confirmation of the other Géosel shareholders and the customary regulatory approvals.
Total, which currently owns a 53.4% stake in Géosel, will remain a minority shareholder with an interest of 3.4% and will continue to use Géosel’s infrastructure, mainly to ensure logistics for its industrial facilities in southern France.
"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,” commented Patrick de La Chevardière, CFO of Total.