|Bid||74.48 x 0|
|Ask||74.52 x 0|
|Day's Range||73.30 - 74.80|
|52 Week Range||63.99 - 156.65|
|Beta (3Y Monthly)||0.26|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul. 30, 2019|
|Forward Dividend & Yield||0.10 (13.88%)|
|1y Target Est||153.87|
(Bloomberg) -- Centrica Plc has picked Goldman Sachs Group Inc. to advise on the potential sale of its controlling stake in exploration and production unit Spirit Energy, people familiar with the matter said.A deal could value the business at more than $2 billion, one of the people said, asking not to be identified because the information is private.Centrica is pursuing a sale of its stake in Spirit as the U.K. utility seeks to recover from a tumultous five-year period under CEO Iain Conn where it lost more than two-thirds of its value and shed millions of customers. It owns 69% of Spirit, while the remaining stake is owned by Bayerngas Norge’s former shareholders, according to the company’s website.Spirit was formed in 2017 after Centrica and Bayerngas Norge AS combined their upstream oil and gas units. The unit produces about 50 million barrels of oil equivalent a year and has an estimated 600 million barrels of resources and reserves across the U.K., Norway, the Netherlands and Denmark. Accounting firm KPMG is also working with Centrica on audit work for the transaction, according to one of the people. Representatives for Centrica and Goldman Sachs declined to comment, while a spokesman for Spirit said the company will “support the sales process as appropriate.” A representative for KPMG didn’t immediately respond to a request for comment.\--With assistance from Laura Hurst.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Kelly Gilblom in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;James Herron at email@example.com, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Dalmore, Equitix and GLIL Infrastructure are looking to acquire about 20% of the business, the report said. EDF Energy and Centrica would sell 10% of the EDF Generation business, Sky reported, adding that JP Morgan has been tasked with finding investors to acquire more shares of the French state-owned utility and Centrica's remaining stake.
CALGARY, Sept. 4, 2019 /CNW/ - Direct Energy is reminding customers to remain vigilant against fraudulent phone calls demanding immediate cash payments to avoid service disconnection. At no time will a customer receive a phone call demanding payment be made that day to avoid disconnection. If a customer is suspicious, we encourage them to ask questions or hang up and call the phone number provided on their invoice.
Spirit Energy's remaining shareholders are looking to join majority owner Centrica in exiting the North Sea oil and gas business worth more than 1.5 billion pounds, four financial sources said. Centrica , which also owns Britain's largest energy supplier British Gas, said in July it was preparing to sell its 69% stake in Spirit Energy to focus on consumer energy services as part of its move away from fossil fuels. The UK utility will now also run the sale on behalf of the other owners, led by Bayerngas GmbH and Munich's municipal utilities company Stadtwerke München, as these make a u-turn on their interest in oil and gas exploration and production, one of the sources said.
A protracted decline in European gas prices, which has hurt some energy firms but may prove a boon to buyers, has yet to find a floor as low summer demand could boost gas storage tanks close to chock-full amid soaring global supply. British and Dutch prices, benchmarks for Europe-wide gas sales as well as some liquefied natural gas (LNG) markets, have lost half of their value since last September. Gas prices tend to fall during the summer but this year's slump was uncharacteristic as it began in the winter months, when prices traditionally rise, and has been accompanied by a larger-than-normal build-up in inventories.
The blue-chip index followed Wall Street lower after U.S. President Donald Trump warned China not to wait for the 2020 U.S. presidential election to make a trade deal. Big British banks, such as Barclays and RBS , fell after the BoE said banks would have to tell investors in 2021 if they could be closed down without disrupting financial markets. Corporate earnings were the main drivers behind most of the major stock moves on both UK indexes.
Centrica has been shifting towards consumer energy services and away from oil and gas exploration and large-scale power generation, as part of a move away from fossil fuels. As well as supplying energy, Centrica plans to build up its connected home and energy services divisions, offering products like smart thermostats to control home heating via a phone app and electric vehicle products. Centrica shares were down more than 10% below 80 pence per share, having fallen almost 70% since 2015 under Conn's tenure.
CALGARY, July 25, 2019 /CNW/ - Suffield Solar, a subsidiary of Canadian Solar, and Direct Energy Business, part of Direct Energy, one of North America's largest energy and energy-related services providers, and a subsidiary of Centrica PLC, announce that they have signed a long-term agreement to purchase all electrical output and associated capacity from the Suffield facility, scheduled to be online in 2020. "With increased customer demand in summer, the addition of 23 MW of solar output will help Direct Energy build renewable power supply options for our customers and provide an alternative to traditional market-based hedges" said David Brast, Senior Vice President, North America Gas and Power, Direct Energy Business.
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European stocks continued their decline on Monday, on the heels of this year's biggest weekly loss, as an escalation in the U.S.-China trade war battered sentiment and prompted investors to shift into safer bets. China said it would impose higher tariffs on most U.S. imports on a revised $60 billion target list, chilling risk appetite world over as it hit back at a tariff hike by Washington which came into force on Friday. Centrica Plc rose 3% as Britain's top energy supplier maintained its full-year outlook.
European shares extended losses early on Monday from the biggest weekly slump this year as the U.S.-China deadlock quelled hopes that the two largest economies will be able to resolve their trade dispute anytime soon. Asian shares fell and U.S. stock futures also pointed to a sharply lower open as United States and China appeared at a deadlock over trade negotiations with Washington demanding promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.
Britain's FTSE 100 slipped to a seven-week low as China slapped retaliatory tariffs on U.S. goods, further escalating their protracted trade dispute, and as telecom giant Vodafone slipped after a report of a dividend cut.