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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE

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Poland's anti-monopoly body fines France's Engie over Nord Stream 2

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11/08/2019 | 09:28am EST

Poland's anti-monopoly body UOKiK said on Friday it had fined France's Engie, one of five European firms responsible for financing gas pipeline Nord Stream 2, 40 million euros ($44 million) as part of proceedings against Gazprom.

UOKiK said Engie had refused to provide it with documents and information about the agreements it signed with Russian gas supplier Gazprom.

"The company has stubbornly and in an unjustified way refused to give us the documents and materials we demanded. It caused a significant delay in our actions regarding the financing of Nord Stream 2," UOKiK's deputy head said in a statement.

Nord Stream 2 is led by Gazprom, with half of the funding provided by Germany's Uniper and BASF's Wintershall unit, Anglo-Dutch company Shell, Austria's OMV and Engie.

"We challenge the legal basis of the decision and we will appeal," a spokesman for Engie said in Paris.

Poland sees the pipeline, which would double Russia's gas export capacity via the Baltic Sea, as a threat to Europe's energy security and argues it will strengthen Gazprom's already dominant position on the market.

In 2016, UOKiK said the Nord Stream 2 project would undermine competition and rejected a planned joint venture between Gazprom and its European partners.

The companies gave up on the joint venture plan and withdrew the request for UOKiK approval.

Nord Stream 2 said the Polish anti-monopoly office's move did not relate to the implementation of the pipeline project as such.

"The implementation of Nord Stream 2 is based on and in compliance with all applicable laws and regulations. Nord Stream 2 has received all necessary permits from all countries whose waters and territories it passes and continues as planned," the consortium said in emailed comments.

"Nord Stream 2 does not undermine gas market competition but, on the contrary, improves it."

Last year the watchdog launched proceedings against these companies, arguing that they had not observed its objections.

Last week, Denmark gave the go-ahead to Nord Stream 2, removing the last major hurdle to the completion of the Russian-led project that has divided opinion in the European Union.

(Reporting by Agnieszka Barteczko; Additional reporting by Bate Felix in Paris and Vladimir Soldatkin in Moscow; Editing by Alan Charlish and Dale Hudson)

Stocks mentioned in the article
ChangeLast1st jan.
BASF SE 0.73% 69.93 Delayed Quote.14.98%
ELECTRICITÉ DE FRANCE 0.58% 9.298 Real-time Quote.-33.00%
ENGIE 0.14% 14.04 Real-time Quote.11.94%
FORTUM -0.23% 21.31 Delayed Quote.11.99%
GAZPROM PAO End-of-day quote.
OMV AKTIENGESELLSCHAFT -0.75% 52.66 End-of-day quote.36.42%
POLSKIE GÓRNICTWO NAFTOWE I GAZOWNICTWO S.A. 0.00% 4.66 End-of-day quote.-32.46%
UNIPER SE 0.00% 29.68 Delayed Quote.31.33%
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Financials (EUR)
Sales 2019 63 406 M
EBIT 2019 5 678 M
Net income 2019 2 617 M
Debt 2019 24 400 M
Yield 2019 5,55%
P/E ratio 2019 13,4x
P/E ratio 2020 12,1x
EV / Sales2019 0,92x
EV / Sales2020 0,89x
Capitalization 33 808 M
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Number of Analysts 21
Average target price 16,28  €
Last Close Price 14,02  €
Spread / Highest target 32,0%
Spread / Average Target 16,1%
Spread / Lowest Target -0,14%
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NameTitle
Isabelle Kocher Chief Executive Officer & Director
Jean-Pierre Clamadieu Chairman
Paulo Almirante Chief Operating Officer
Judith Hartmann CFO, Executive VP-United Kingdom & Ireland
Yves Le Gélard Chief Information & Digital Officer
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ENGIE11.94%37 414
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ELECTRICITÉ DE FRANCE-33.00%31 181
E.ON SE5.44%26 247