France’s Engie to exit 20 countries, wary of big mergers and acquisitions
Company will focus its investments on energy services, renewable energy and infrastructure in the next three years
Paris — French gas and power utility Engie will pull out of about 20 countries in the next three years and target new markets in developing nations, while probably steering clear of big acquisitions, its CEO said. Isabelle Kocher said that as Engie focuses its investments on energy services, renewable energy and infrastructure in the next three years, it will sell another €6bn) worth of assets. It has sold €14bn of mainly coal-related assets in the past three years. Engie shares fell more than 4% as weaker-than-expected 2018 earnings overshadowed the strategy announcements. At a presentation in London, Kocher said she wants to simplify the sprawling firm, present in about 70 countries. She said Engie will focus on 20 countries where it is well established as well as on 30 metropolitan areas mainly in Southeast Asia and Africa where huge power needs can bring earnings growth. CFO Judith Hartmann added that after Engie had simplified its business lines in the past three years, it now ...
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