French oil major Total SA has put its liquefied petroleum gas unit Totalgaz up for sale and has received around 10 expressions of interest from potential buyers, daily Les Echos reported on Monday.Investment funds such as First Reserve, Platinum, Pamplona and PAI Partners are said to be among the bidders, in addition to industry rivals like Antargaz and Primagaz, Les Echos said, without saying where it got the information.Total was unavailable for comment. The company had put a 750 million euro ($1 billion) price tag on the unit, but this is seen as too much by some potential bidders, Les Echos said.Total, like its industry peers, is in a drive to boost shareholder returns and keep a lid on costs as investors prepare for a downturn in the oil-price cycle.
Total SA is a France-based integrated international oil and gas company. Shares of TOT fell by 0.01% or $-0.01/share to $68.50. In the past year, the shares have traded as low as $46.79 and as high as $69.06. On average, 1102120 shares of TOT exchange hands on a given day and today's volume is recorded at 825462.
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