May 11, 2017 / 6:30 AM / 2 months ago

Sale of Engie E&P unit to Neptune imminent - source

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PARIS, May 11 (Reuters) - Engie is in advanced talks with Neptune Oil & Gas about the sale of its oil and gas exploration and production unit and a deal is imminent, a source familiar with the situation told Reuters on Thursday.

Confirming a report in French financial daily Les Echos published late on Wednesday, the source said the talks were going well and could be concluded soon.

The paper said a board meeting had been held about the planned sale on Wednesday and that board members had approved the sale but that some details still had to be agreed upon.

Engie declined to comment.

Banking and industry sources told Reuters last month that Neptune, set up in 2015 by private equity funds Carlyle Group and CVC Capital Partner to build a North Sea E&P company led by former Centrica CEO Sam Laidlaw, was set to announce the acquisition of a majority stake in Engie E&P within weeks. (Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta and Jean-Michel Belot)

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