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Contract Wins and Joint Ventures

Centrica and Bayerngas Norge to create JV

17 July 2017 09:15

Centrica and Stadtwerke Munchen GmbH have reached an agreement to combine Centrica's European oil and gas exploration and production business with Bayerngas Norge AS to form a newly incorporated joint venture and create a leading independent European E&P company.

Centrica will own 69% and Bayerngas Norge's existing shareholders, led by SWM and Bayerngas GmbH, will own 31%.

The effective date of the transaction is 1 January 2017 and it is expected to close in the fourth quarter of 2017, subject to competition and regulatory approvals and other conditions.

At 9:15am: (LON:CNA) Centrica PLC share price was +0.4p at 206.7p

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