Total sells its fuel marketing activities in Italy
Following the divestment of the LPG and Commercial Sales businesses, this third transaction completes the sale of all TotalErg’s assets, for a total amount of around €750 million.
In parallel with this agreement, Total is reinforcing its lubricants business in Italy by buying out Erg’s 51% stake in the lubricants activities of the joint venture that will consequently be terminated.
Created in 2010 by merging the Total and Erg activities, TotalErg is the fourth-largest fuel marketer in Italy, a fragmented market where the profitability outlook was not in line with the Group’s expectations despite the joint efforts of the two shareholders.
The lubricants market, however, does offer satisfactory growth perspectives and this consolidation is in line with the Group strategy in this business sector. ■