GDF Suez, the French utility, is in advanced talks to sell a minority stake in its exploration and production business to China’s sovereign wealth fund for up to €3bn ($4.2bn) as it tries to reduce its debt.
Under the proposed deal, which has yet to be sealed but could be announced as early as Wednesday, GDF Suez would sell a 30 per cent stake in its upstream business to China Investment Corporation (CIC), according to people familiar with the discussions. Shares in GDF Suez were up 0.61 per cent to €20.54 in Paris amid rising speculation about a deal.
An agreement would provide GDF Suez with a valuable financial partner and access to fast-growing markets in Asia-Pacific.
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