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Five final bids for German gas grid Thyssengas - sources

Published 2016-06-07, 12:55 p/m
© Reuters. Five final bids for German gas grid Thyssengas - sources
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FRANKFURT, June 7 (Reuters) - Macquarie-owned MGX.AX
Thyssengas has attracted five binding bids as the auction of the
German gas grid is drawing to a close, people familiar with the
matter said.
Belgian gas operator Fluxys FLUX.BR , Italian peer Snam
SRG.MI , First State Investments, the asset management unit of
Commonwealth Bank of Australia (CBA) CBA.AX , a Chinese group
as well as a consortium of Luxembourg-based power firm Enovos
ENVIL.UL and Swiss Life, have handed in offers, the sources
said on Tuesday.
Thyssengas, which operates a 4,200 km underground network
and employs 270 staff, transports up to 10 billion cubic metres
of natural gas per year. Its enterprise value, which includes
debt, is seen at 500 million to 550 million euros ($567-$624
million).
Macquarie and the bidders declined to comment or were not
immediately available for comment.
Power and gas grids are among the most sought-after
infrastructure assets, giving investors stable returns on their
investments of as much as 9 percent at a time when key interest
rates in Europe have fallen to zero.
($1 = 0.8812 euros)

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