ENGIE: The French “PACTE†law to pave the way for a potential capital opening of GRTGaz
ENGIE: (BUY, Fair Value EUR15,5 (+17%))The French “PACTE†law to pave the way for a potential capital opening of GRTGaz
According to French newspaper, Les Echos, the French “PACTE†law will include the option for a potential capital opening of GRTgaz, currently 75% owned by Engie. Until now, GRTGaz had to be fully owned by either Engie or French State-owned entities. With the “PACTE†law, the threshold may be lowered to 50% implying a potential disposal to another private investor which could lead to deeper partnerships at the European level. Assuming a c. 25% capital opening, this could imply a c. EUR2.5bn potential cash-in for Engie, according to our first-take estimates.
Engie is an industrial group, based in France, active in the fields of gas, electricity, energy services and the environment. Co. is an energy provider across the entire energy chain, in electricity and in natural gas, including: purchase, production and commercialization of natural gas and electricity; transport, distribution, management and development of major natural gas infrastructures; design and commercialization of energy services and environment-related services. Co.'s activities are conducted through five segments: Energy Europe, Energy International, Global Gas and LNG, Infrastructures, and Energy Services.
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