Total acquires liquid & bottled gas distributor Argon in Argentina

Jan 27, 1997 01:00 AM

Total has paid $ 130 mm to acquire the Argentinean liquid & bottled gas distributor Argon, which has a 23% share in the domestic market. The sum includes the $ 60 mm liabilities of Argon, owned by Francisco Sais and Eduardo Gonella, which will get $ 70 mm cash in the deal. The domestic bottled gas market is estimated at 900,000 tpy, and supplies to 50% of the Argentinean inhabitants, generating a Pesos 1 bn turnover. Overall supply is estimated at 2 mm tpy, with the remainder output used by the petrochemicals industry (450,000 tpy) or exported (750,000 tpy). Consumption of the last years was up by 30%, attracting the interest of major players. In 1993 YPF acquired Agip Gas, creating YPF Gas, with 20% of the market. Algas has a 13% share, Autogas 11% , and other 60 companies a 33% on it.

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