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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  ENGIE    ENGI   FR0010208488

ENGIE (ENGI)
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Delayed Quote. Delayed  - 10/16 05:37:20 pm
11.83 EUR   +0.68%
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Thai regulator blocks $4 billion sale of Engie's Glow to PTT

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10/11/2018 | 04:01pm CEST
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 1.53% 5173.05 Real-time Quote.-4.08%
ENGIE 0.68% 11.83 Real-time Quote.-18.03%
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 2018 63 270 M
EBIT 2018 5 198 M
Net income 2018 2 498 M
Debt 2018 22 616 M
Yield 2018 6,38%
P/E ratio 2018 11,76
P/E ratio 2019 10,85
EV / Sales 2018 0,81x
EV / Sales 2019 0,81x
Capitalization 28 615 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 14,7 €
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Isabelle Kocher Chief Executive Officer & Director
Jean-Pierre Clamadieu Chairman
Paulo Almirante Chief Operating Officer
Judith Hartmann Chief Financial Officer & Executive Vice President
Yves Le Gélard Chief Information & Digital Officer
Sector and Competitors
1st jan.Capitalization (M$)
ENGIE-18.03%33 106
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ORSTED19.57%26 400
PPL CORPORATION-1.62%21 162