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France's Total sells its Italian gas business to UGI - source

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France's Total sells its Italian gas business to UGI - source

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PARIS (Reuters) – French oil and gas major Total <TOTF.PA> has sold its gas business in Italy, Total Italia Gas, a subsidiary of its Italian joint venture TotalErg, to UGI Corp <UGI.N>, an industry source said on Friday. The sale is part of a move by the company to sells its assets in the Italian downstream retail market. Total has said it plans to sell TotalErg, a joint venture with ERG <ERG.MI> that controls close to 2,600 service stations in Italy and has a market share of around 11 percent. Total and UGI declined to comment.

(Reporting by Bate Felix; Editing by Luke Baker and Mark Potter)
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