GDF Suez eyes Exxon/Shell German gas assets -paper

PARIS, Aug 21 (BestGrowthStock) – French energy group GDF Suez
(GSZ.PA: ) is interested in acquiring gas storage assets in
Germany worth around 1 billion euros ($1.3 billion) put up for
sale by Exxon Mobil (XOM.N: ) and Shell (RDSa.L: ), Le Figaro
newspaper said on Saturday.

Citing a source close to GDF, the paper said the group was
in competition with infrastructure investment subsidiaries of
Deutsche Bank (DBKGn.DE: ), Axa (AXAF.PA: ) and Prudential (PRU.L: )
for the assets.

A spokeswoman for GDF Suez declined to comment, saying the
group would neither confirm nor deny the report.

Shell and Exxon Mobil launched the sale of German gas
storage joint venture BEB Erdgas und Erdoel GmbH last June.

Le Figaro said GDF Suez was still in the market to snap up
assets, having only dented its 10 billion euro war chest after
it took control of International Power but failed in a bid for
Polish utility Energa. [ID:nLDE67J18Q]

Germany is GDF Suez’s third-largest market for gas supply
and second-largest for storage, where it owns over 600 million
cubic metres of capacity.

If it succeeds in its bid for the Uelsen and Harsefeld
assets situated in the north-west of Germany, the company would
take its capacity to 1.5 billion cubic metres, the paper said.

The paper cited the GDF source in saying the firm was still
interested in the Polish energy market and was in contention to
take Enea (ENEA.ST: ), Poland’s third-largest electricity provider.
(Reporting by Bate Felix, editing by Jane Baird)
($1=.7806 Euro)

GDF Suez eyes Exxon/Shell German gas assets -paper