French multinational oil and fuel giant Total has successfully acquired a majority acquisition of French electricity utility Direct Energie in a move which was announced in April of this year and is intended to fast-track Total’s expansion into the French and Belgium electricity and fuel markets.
“Through this transaction, Total is actively pursuing its development in electricity and gas generation and distribution in France and Belgium,” said Patrick Pouyanné, Chairman and CEO of Total in April.
“This friendly takeover is part of the Group’s strategy to expand along the entire gas-electricity value chain and to develop low-carbon energies, in line with our ambition to become the responsible energy major.
“This operation allows us to accelerate our integration downstream along the full gas and power value chain and to reach critical mass in the French and Belgium markets where we are growing fast,” added Patrick Pouyanné, Chairman and CEO of Total.
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