Engie: E&P disposal in the pipeline?

BUY, Fair Value EUR19 (+26%)
News published on January Wednesday 13, 2016
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According to Reuters, citing daily energy trade publication Enerpresse, the French group is considering a possible sale of part or all of its E&P business to reduce notably its direct exposure to merchant activities. We see such a move as positive, yet struggle to see the rationale of the timing given we assume the group could get more from this business unit once uncertainties on Brent and gas prices are lower. Positive.

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