Paris, 14 December 2015
CNP Assurances has announced the conclusion of an agreement with Total, Geostock and INEOS to acquire a majority stake in Geosud, with Geostock retaining a minority shareholding.
Subject to approval by the competent regulatory and competition authorities, this transaction will be finalised during the first quarter of 2016. Geostock will retain a minority shareholding of 2%, while Total and INEOS will transfer their entire stake of 56.07% and 13.93% respectively.
Established in 2009 for the survey, construction and operation of underground natural gas storage facilities, Geosud holds a 50% stake in GIE Géométhane (the other investor is Storengy – a subsidiary of the Engie group), the operator of the natural gas storage site located in the commune of Manosque. With a storage capacity of over 2.6 million m3, this is a key site for the management of natural gas stocks in France. It secures the supply of gas to major cities on the Mediterranean coast, including Marseille, Toulon and Nice, kicking in immediately in the event of disruption to supply during peak times in the winter.
As a long-term institutional investor in infrastructure, CNP Assurances wishes to support Géométhane in the long-term and contribute to excellence in the storage of natural gas, as an environmentally responsible energy source, and a key contributor to a successful energy transition for green growth.
About CNP Assurances
CNP Assurances is France’s leading personal insurer with net profits of €1,080 million in 2014. The Group also has operations in other European countries and in Latin America, with a significant presence in Brazil. It has more than 28 million personal risk/protection insureds worldwide and more than 13 million savings and pensions policyholders. For 160 years, CNP Assurances has been protecting people against the risks of everyday life. The Group designs and manages life insurance, pension, personal risk insurance and protection products (term creditor insurance and health insurance).
■ In France, CNP Assurances distributes its individual insurance products through La Banque Postale and the Caisses d’Epargne, as well as through its own network: Amétis. In Brazil, its second largest market, the Group’s partner is Caixa Econômica Federal, the country’s second-biggest state-owned bank.
■ In group insurance, CNP Assurances crafts tailor-made personal risk, pension and term creditor insurance products that are aligned with the needs of companies, local authorities, mutual insurers, non-profit organizations, and banks in Europe and Latin America.
CNP Assurances has been listed on the Paris Stock Exchange since October 1998 (the first market) and has a stable shareholder structure thanks to the signing of an agreement between its major shareholders (Caisse des Dépôts, La Banque Postale, Groupe BPCE and the French State).
www.cnp.fr
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About Total
Total is a comprehensive energy group operating worldwide; it ranks among the top international oil and gas companies and second worldwide in solar energy with SunPower. Total’s team of 100,000 staff are committed to securing better, safer, cleaner, more effective, innovative and accessible energy for as many people as possible. Working in 130 countries, Total makes every effort to ensure that their operations deliver economic, social and environmental benefits. Total.com
About Geostock
Geostock is an international engineering group, a subsidiary of Entrepose (VINCI group) and Total, and a major player in the field of underground storage of liquid, liquefied and gas hydrocarbons. Geostock has operations across the world, particularly in Europe (France and Germany), in the United States and Singapore and offers a full range of skills and services across the entire underground storage chain offering consulting and engineering services, along with the supervision of construction and exploitation of reserves.
About INEOS
INEOS ranks third worldwide in the chemical sector and is a leading manufacturer of petrochemical products, speciality chemicals and refined products. With 15 businesses and 65 production sites across 16 countries, the group produces over 60 million tonnes of chemical products each year. INEOS employs 17,000 staff and has an annual turnover of 54 billion dollars. More information on INEOS is available on www.ineos.com