Sector News

Engie to sell 15-20 bln eur of assets

February 11, 2016
News

(Reuters) – French gas and power group Engie plans to sell 15 to 20 billion euros worth of assets over 2016-18, including 7 billion euros ($7.8 billion) in the short term, French newsletter La Lettre de l’Expansion reported on Monday.

The newsletter said Engie plans to sell 2.5 to 3 billion euros worth of exploration and production assets, 2 to 3 billion euros of coal-fired power plants, 5 billion euros worth of U.S. plants, and some infrastructure assets.

The asset sales list also includes various other non-strategic assets worth 3 to 5 billion euros, as well as the opening of the capital of Engie’s Belgian unit Electrabel, the newsletter said.

The newsletter also said Engie planned to speed up its “Perform” cost-cutting plan, aiming for 2.8 billion euros worth of cost cuts over 2016-18, up from 1.9 billion between 2012 and 2015.

An Engie spokesperson was not immediately available for comment. ($1 = 0.8970 euros) (Reporting by Geert De Clercq and Benjamin Mallet; Editing by James Regan)

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

Send this to a friend