Italy: First step of TotalErg sale reduces number of bidders

The number of bidders for Italian fuel retailer TotalErg has narrowed down after the first round of bidding closed at the end of January.

The initial bidding process for TotalErg, a gas station network with 2,600 sites belonging to Total and Erg, has left a reduced number of possible buyers. Binding bids are expected to be registered in early April.

API Anonima Petroli, a privately-owned oil refiner which has 2,600 stations of its own, has emerged has one of the main bidders in the process, along with Qatar Petroleum, reports Reuters.

TotalErg, which has an 11% market share, is a joint venture formed by French oil giant Total and Italian renewable energy group Erg.

If a deal with API were to be reached it would form Italy´s biggest fuel retailer, overtaking Eni and Kuwait Petroleum.