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2 Nov, 2011

CIC buys stake in GDF Suez – chinadaily.com.cn

The China Investment Corp (CIC), the country’s sovereign wealth fund, on Monday signed an agreement to pay GDF Suez 2.3 billion euros ($3.2 billion) in exchange for a 30-percent stake in the French company’s exploration and production division. CIC chairman Lou Jiwei signed the agreement Monday in Beijing with Gerard Mestrallet, chairman and chief executive officer of GDF Suez.

CIC also agreed to pay 600 million euros for a 10-percent stake in GDF Suez’s Atlantic LNG liquefaction facility located in Trinidad and Tobago. The deal is expected to be finalized at the end of the year. Gerard said that the partnership with CIC will provide opportunities for GDF Suez to boost its businesses.

via CIC buys stake in GDF Suez | Companies | chinadaily.com.cn.