Shell to sell Distrigas and Fluxys shares to Suez-Tractebel

Following discussions initiated several months ago, Belgian Shell has agreed to sell its 16.67% interest in Belgian gas wholesale company Distrigas SA and in Brussels-based gas transmission company Fluxys SA to Suez-Tractebel SA, which already is the controlling shareholder of the two companies, holding 46.83% of each.

Sept. 7, 2004

By OGJ editors

HOUSTON, Sept. 7 -- Following discussions initiated several months ago, Belgian Shell has agreed to sell its 16.67% interest in Belgian gas wholesale company Distrigas SA and in Brussels-based gas transmission company Fluxys SA to Suez-Tractebel SA, which already is the controlling shareholder of the two companies, holding 46.83% of each.

A wholly owned subsidiary of Suez Group, Suez-Tractebel SA was formed Oct. 31, 2003 when Tractebel SA merged with Societe Generale de Belgique SA. It has agreed to pay 1,648 euros/share for Shell's Distrigas shares and 1,600 euros/share for its Fluxys shares. The overall value of the transaction is 380.4 million euros.