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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE

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Thai regulator blocks $4 billion sale of Engie's Glow to PTT

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10/11/2018 | 11:01am EDT
FILE PHOTO: The logo of PTT is pictured at the 38th Bangkok International Motor Show in Bangkok

BANGKOK (Reuters) - Thailand's energy regulator has blocked PTT Pcl's bid to acquire power firm Glow Energy from France's Engie for up to $4 billion, in what would have been the country's largest investment deal this year.

"The acquisition would have led to a monopoly in some industrial areas and therefore it is considered to reduce competition," the Energy Regulatory Commission of Thailand said in a statement on Thursday.

Former finance minister Korn Chatikavanij submitted a letter to Prime Minister Prayuth Chan-ocha in September requesting the ERC investigate the deal.

PTT, an oil and gas supplier in which the government owns a 51 percent stake, said in June it had agreed to buy 69 percent of Glow from Engie via its power unit, Global Power Synergy Company Pcl.

GPSC said in a statement that it would not make the tender offer.

"We respect the decision," PTT chief executive Chansin Treenuchgron told reporters, adding that an appeal would be "up to GPSC's board".

For Engie, the sale of the Glow stake would have rounded off a two-year plan to sell off some 15 billion euros of non-core assets and re-invest those proceeds away from coal and into areas such as renewable energy, power grids and energy services.

Engie said it was analysing the Thai regulator's decision, and that its drive to reduce debt remained well on track.

"We have other options for selling our stake in Glow," the company said.

Excluding Glow - which has one gigawatt of coal and two GW of gas-fired generating capacity - Engie still has seven GW of coal-fired capacity.

Glow shares slid as much as 6.9 percent against a broader market decline of nearly 3 percent <.SETI>. Engie shares were down 1.9 percent, underperforming the CAC40 index, which was down one percent. <.FCHI>

Glow operates 10 power plants in the Map Ta Phut industrial estate in Thailand's east, home to oil refiners such as PTT subsidiary PTT Global Chemical.

The area is part of the government's $45 billion Eastern Economic Corridor project to boost investment in high technology industries.

The acquisition would have expanded GPSC's capacity to 4,835 megawatts, making it the country's fourth-largest electricity producer after state-owned Ratchaburi Electricity Generating Holding Pcl.

PTT, privatised in 2001, is often criticised by non-governmental groups for not being transparent enough in its business practices.

(Additional reporting by Geert De Clercq in Paris; Editing by Kenneth Maxwell, Manolo Serapio Jr and Jan Harvey)

By Panu Wongcha-um and Chayut Setboonsarng

Stocks mentioned in the article
ChangeLast1st jan.
CAC 40 0.14% 5412.83 Real-time Quote.14.26%
ENGIE -0.11% 13.5 Real-time Quote.7.78%
GLOBAL POWER SYNERGY PCL End-of-day quote.
GLOW ENERGY PUBLIC COMPANY LIMITED End-of-day quote.
PTT GLOBAL CHEMICAL PCL End-of-day quote.
PTT PUBLIC COMPANY LIMITED End-of-day quote.
RATCHABURI ELECTRICITY GENERATING HLDG. End-of-day quote.
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Financials (€)
Sales 2019 65 200 M
EBIT 2019 5 565 M
Net income 2019 2 509 M
Debt 2019 23 736 M
Yield 2019 5,77%
P/E ratio 2019 13,38
P/E ratio 2020 11,81
EV / Sales 2019 0,87x
EV / Sales 2020 0,84x
Capitalization 32 913 M
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Average target price 15,5 €
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