GdF to acquire Italian gas distributor's stake in Italcogim

Gaz de France said it will acquire, for an undisclosed amount, 40% of the gas business of Italy's Italcogim, that country's fourth largest gas distributor and leading private natural gas distributor.

June 4, 2003

Doris Leblond
OGJ correspondent

Paris, June 4 -- Gaz de France said it will acquire, for an undisclosed amount, 40% of the gas business of Italy's Italcogim, that country's fourth largest gas distributor and leading private natural gas distributor. The remaining interest in the company will remain privately held.

Italcogim serves over 500,000 residential customers, service businesses, and industries and markets about 600 million cu m/year, mainly in central and southern Italy. Gas is distributed through a 6,000 km pipeline.

Italcogim gas business unit, which employs about 450 workers, is managed by two affiliates: network manager Italcogim Reti and gas marketer Italcogim Vendite. The company earned 200 million euros in 2002.

GdF said the acquisition falls within its European growth strategy and significantly bolsters the company's presence in Italy, Europe's third largest gas market.

In early 2002, GdF purchased a stake Arcalgas Progetti, which distributes gas to more than 140,000 customers in northern Italy.