9th May 2016 10:16
LONDON (Alliance News) - A proposed tie-up between Centrica PLC and a rival in the North Sea fell apart only weeks prior to Centrica unveiling its fundraising plans last week, The Sunday Times reported.
Centrica is understood to have agreed a deal in principle to combine its operations in the North Sea with Engie, the French state-owned utility.
The deal would have alleviated some of the pressure on Centrica's balance sheet that drove it to unveil a GBP700.0 million share placing last week.
But sources close to the situation told The Sunday Times that CIC, the Chinese sovereign wealth fund which owns 30% of Engie's production business, voted down the deal.
http://www.thetimes.co.uk/past-six-days/2016-05-08/business/centrica-in-failed-north-sea-tie-up-jk5sk6dwc
By Sam Unsted; [email protected]; @SamUAtAlliance
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