CIC may buy 30% stake in France's GDF Suez

By Yan Pei
0 Comment(s)Print E-mail, August 9, 2011
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Last month, CIC posted a return of 11.7 percent on its overseas investment in 2010.


CIC may buy 30% stake in France's GDF Suez


China Investment Corp. (CIC), the country's sovereign wealth fund, is close to sealing a deal with French energy group GDF Suez, purchasing a 30-percent stake in the latter's exploration and production business, China Business News reported Tuesday.

French newspaper Les Echos reported Monday that the transaction would cost CIC 2 to 3 billion euros.

GDF Suez reportedly plans to set up an exploration and production subsidiary by the end of the year and raise more funds through the unit.

If the plan goes through, the energy giant is expected to announce the deal on Wednesday when it posts its earnings results.

CIC may also invest with GDF Suez in its businesses in the Asia Pacific region, except the French firm's China business, a source close to the matter told China Business News.

Spokespeople from GDF Suez and CIC have declined to comment on the deal.

Last month, CIC posted a return of 11.7 percent on its overseas investments in 2010. The company's net income rose 24 percent to US$51.6 billion. Total assets increased 23 percent to US$409.6 billion by the end of last year.

中国主权投资基金中国投资有限责任公司或将收购法国能源集团GDF Suez (GSZ.FR)旗下勘探和生产子公司30%的股权,第一财经日报周二报道称。

法国报纸《Les Echos》8日报导,中投将以20亿-30亿欧元完成交易。

报道称,GDF Suez正计划在年底时设立一个勘探-生产子公司,并筹集更多资本。

如果该计划得以顺利进行,GDF Suez可能在周三发布业绩时宣布相关计划。

据悉,中投公司还将参股GDF Suez在亚太地区除中国以外的所有业务,第一财经引用熟悉相关情况的消息来源称。

但报道称未得到GDF Suez的相关人士置评。


China's business press carried the story above on Tuesday.


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