France’s Engie to exit 20 countries, wary of big mergers and acquisitions

Company will focus its investments on energy services, renewable energy and infrastructure in the next three years

Engie CEO Isabelle Kocher. Picture: REUTERS/GONZALO FUENTES

Engie shares fell more than 4% as weaker-than-expected 2018 earnings overshadowed the strategy announcements. CFO Judith Hartmann added that after Engie had simplified its business lines in the past three years, it now wants to simplify in terms of geography. A second type of countries such as Brazil, the Gulf or Romania, already have good energy infrastructure but have room for more power demand growth. Despite lower ecological awareness, these countries too want major renewable energy investment, Hartmann said.

Kocher said that if a major acquisition can boost Engie’s strategy, she will consider it, but added that the firm needs to be cautious and selective.

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