UGI BUYS TOTAL
U.S. utility UGI is to buy Total's liquefied petroleum gas (LPG) distribution business in France for about 400-450 million euros ($545-$613 million), marking another step in the French oil major's efforts to shed assets in mature markets to boost returns.
Total, like industry rivals, is trying to improve shareholder returns and expand in higher-growth emerging markets. The company has already sold its shares in liquefied natural gas engineering group GTT and agreed in May to sell its stake in Azerbaijan's Shah Deniz II gas field to Turkey's state oil company TPAO for $1.45 billion.
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