DJ Sonatrach To Buy 3.85% Stake In Gas Natural

Spanish natural-gas provider Gas Natural SA SDG (GAS.MC) said Friday that Algerian state-owned oilcompany Sonatrach will buy a 3.85% stake in its operations for EUR515 million as part of a settlement of a long-running dispute

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Gas Natural said its board approved issuing more than 38,000 new shares to Sonatrach at EUR13.4806 a share.

The North African company won’t obtain board representation in the Spanish energy provider and Algerian authorities still need to sign off on the agreement for it to take effect.

Gas Natural said earlier this week it had settled a protracted dispute with Sonatrach over the price of gas exported by the Algerian company since 2007.

Gas Natural said it will pay $1.9 billion as part of the settlement.

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