Doris Leblond
OGJ correspondent
PARIS, Nov. 8 -- Gaz de France, bolstering its position in Central and Eastern Europe, is taking a 51% stake in the Romanian gas distribution company Distrigaz Sud under an agreement signed Oct. 18 in Bucharest. Distrigaz Sud operates a 13,400 km distribution network serving 900,000 customers in Bucharest. Sales involve 5.6 billion cu m/year of natural gas.
Under the transaction, which totals 330 million euros, Gaz de France will immediately acquire 30% of Distrigaz Sud for 150 million euros and will increase its stake to 51% through a later investment of 180 million euros. Romania will retain the remaining 49%.
