Energy utility UGI Corp said it reached an agreement in principle to purchase French oil major Total SA's LPG distribution business in France for about 400-450 million euros ($545-$613 million).Total's French LPG business, Totalgaz, distributed over 265 million retail gallons in 2013, serving residential, commercial, industrial and autogas customers.UGI distributed about 600 million retail gallons of LPG throughout Europe in fiscal 2013, including more than 250 million retail gallons of LPG by its unit Antargaz in France.Total said it has entered into exclusive negotiations with UGI. "The transaction under consideration is aligned with Total`s strategy of assertively managing its asset portfolio."
UGI Corporation (UGI) is a holding company that, through subsidiaries, distributes, stores, transports and markets energy products and related services. Shares of UGI fell by 0.65% or $-0.33/share to $50.20. In the past year, the shares have traded as low as $37.88 and as high as $50.96. On average, 568094 shares of UGI exchange hands on a given day and today's volume is recorded at 527544.
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