GDF Suez: Agreement to reduce exposure to Portugal; EUR900m net debt reduction

BUY, Fair Value EUR19 (+12%)

News published on August Tuesday 6, 2013
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Yesterday, GDF Suez announced an agreement with Marubeni Corporation, a Japanese investment company, regarding the sale of 50% of its power generation assets in Portugal. This will lead to a EUR900m net debt reduction for only EUR30m of dilution at the net income level. This move should, once again, help the company to make credible its EUR11bn net debt reduction programme over 2013-14 with a lower-than-feared dilution (EUR1.4bn at the EBITDA level) while reducing exposure to European markets.

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