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Publigas, Eni reach agreement on Distrigas sale - report
06.26.08, 5:42 AM ET



BRUSSELS (Thomson Financial) - Italian utility Eni SpA. has reached an agreement with Publigas over its purchase of Suez SA.'s 57 percent stake in Distrigas SA., Belgian daily De Standaard reported, citing sources.

Belgian state-controlled Publigas, which owns 31.25 percent of Distrigas, has a preemption right.

The agreement is to be announced later on Thursday, the paper said, adding the groups are aiming to sign an official agreement by July 15.

The proposed buy is part of the conditions imposed by the EU executive on France's Suez SA (nyse: SZE - news - people ) by the European Commission.

Italy's Eni SpA is to pay 2.7 billion euros for Suez's 57 percent stake in Distrigas in an offer that values the Belgian gas company at 4.8 billion euros.

The final price is dependent on the price paid for Distrigas and Co. -- Distrigas's natural gas transit subsidiary -- by Belgian gas supplier Fluxys.

antonia.vandevelde@thomsonreuters.com

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Companies: ENI | DIST | SZE | FLUX

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