GDF Suez to Sell Hungarian Gas-Trading Business--Report

French-based energy group GDF Suez S.A. is planning to sell its natural gas trading business in Hungary as of July 1 to Hungarian gas trading firm MET Zrt., Hungarian weekly Figyelo reported Thursday.

GDF Suez wasn't immediately available to comment.

The French company has a market share of about 10% in Hungary's free gas trading market, including several thousand contracts mostly with small and medium-sized enterprises, Figyelo said.

GDF Suez has already sold some of its Hungarian assets to MET, including a majority stake in a power plant and its electricity business, where it had a market share of less than 1%.

The company will now only maintain its stake in utility firm GDF Suez Energia and gas distributor Egaz-Degaz.

The article doesn't say how much the acquisition would cost MET, or the reasons behind the deal but notes that Hungary's government is set to overhaul the free market gas trade and that natural gas consumption has dropped significantly especially as several major plants have closed down.

Article website: http://figyelo.hu/cikkek/415542-ujabb-uzlettol-valik-meg-a-gdf-suez

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