French oil firm Total (TOTF.PA) mentioned on Friday it had agreed to promote the Italian petrol station community it co-owns with companion ERG (ERG.MI) to refiner API, finishing the deliberate disposal of the TotalErg three way partnership’s property.

The transaction consists of 2,600 retail service stations, a logistics hub in Rome and 25.16 % of a refinery in northern Italy.

Total didn’t disclose monetary phrases however mentioned the transaction, the third in its plan to exit the Italian retail gasoline market, brings the enterprise’s cumulative asset disposal proceeds to round 750 million euros ($870 million).

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Italian power group ERG mentioned in a separate assertion it might obtain 273 million euros from the deal, together with extraordinary dividends distributed by TotalErg price 71 million euros and a deferred element of round 36 million euros.

The companions had been in unique talks with API after promoting Total Italia Gas, one other three way partnership subsidiary, to UGI Corp (UGI.N).

Total additionally mentioned it was shopping for Erg’s 51 % stake of their shared lubricants enterprise, terminating the three way partnership.

Momar Nguer, Total’s head of selling and companies, mentioned the lubricants buyout would enable the French group to “focus and develop this high-return enterprise”.

Total additionally intends to keep up its presence within the Italian truck and plane refuelling markets, he mentioned.

ERG Chief Executive Luca Bettone mentioned the deal allowed the corporate additional to strengthen its monetary assets to proceed its progress in renewable power.

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The Italian power group was assisted by HSBC as monetary adviser, DLA Piper as authorized adviser and Ernst & Young as accounting and tax adviser.

Source: www.reuters.com

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