View Full Version : Gazprom eyes British Gas takeover

2nd Feb 2006, 15:39
Not sure I want Putin and the Kremlin owning British Gas... :suspect:

Gazprom eyes British Gas takeover

Gazprom, the Russian gas giant, today said it is considering a takeover of Centrica, Britain’s largest gas distributor and owner of British Gas, according to Russian news agency reports.......

"The issue is being analysed and is under consideration," Alexander Shkuta, the deputy head of Gazprom’s export arm told Interfax. However, he added: "A decision has yet to be reached."

Rumours that Gazprom, the world’s biggest gas producer, which is controlled by the Russian government, is seeking a major overseas acquisition have escalated in recent weeks after the company was linked to a possible bid for Scottish Power. Alexander Medvedev, deputy chairman of Gazprom, said in a newspaper interview last month that the group plans to take 20 per cent of the UK gas market by 2015. An acquisition was the best way to build this position, he added. However, Gazprom later denied that it was interested in Scottish Power.....

Centrica is the largest utilities company in Britain, accounting for 58 per cent of the country’s residential gas market and 23 per cent of the power market. It also has operations in Spain, Belgium, Canada and the United States.

The Kremlin owns a 51 per cent stake in Gazprom, a company that has 25 per cent of the world’s gas reserves and is a growing presence in the oil markets....