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AXA PE, Singapore’s GIC line up for Total’s French gas storage arm

16 Jan 2013

news_gaspipeline_lrgA bidding group including AXA Private Equity is up against Singapore sovereign wealth fund GIC and two European energy companies for Total’s gas storage business, it is understood.

Reports have suggested Transports Infrastructures Gaz France could sell for up to €3bn after the sale was announced in the third quarter of 2012.

AXA PE is supporting a consortium led by French state-backed Caisse des Depots arm CDC Infrastructure, as well as the Abu Dhabi Investment Authority, Belgian natural gas operator Fluxys, Credit Agricole and insurer Predica.

GIC is co-bidding with French energy company EDF and Italian peer Snam A consortium led by Spanish utility Enagas was also previously in the running.

Earlier this week it emerged AXA PE had sold its stake in energy valve manufacturer Phönix/Strack Group after a holding period of just two years.

AXA PE said it has sold its holding in Phönix/Strack to the Curtiss-Wright Corp, the New York-listed aircraft parts manufacturer, for €82m.

Phönix/Strack is based in Volkmarsen, Germany and makes custom-built valves for large industrial companies operating in the energy, chemicals and refinery industries.

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