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Rubis takes 100% control of its lpg distribution subsidiary


RUBIS has purchased from Total the remaining 34% stake in Vitogaz, its LPG distribution subsidiary in France, thereby increasing its total equity interest in Vitogaz to 100%.

This acquisition strengthens the independent position of RUBIS in its sector now that it wholly owns its two operating divisions - Rubis Gaz and Rubis Terminal - and establishes it as the third-largest independent operator in Europe.

This investment will enhance RUBIS' earnings: in 2004, Vitogaz contributed operating profits of €12.2 million out of total Group operating profits of €34.1 million. The value of the transaction amounted to €26.5 million and will increase Group net income after interest by around €2 million per year or €0.30 per share.

This deal represents an important boost to the development of the Group, which has succeeded in imposing itself as one of the leading operators in its sector in France and abroad, where there are numerous opportunities for growth.

Forthcoming dates

Publication of results for Q1 2005: 11 May 2005

Annual General Meeting: 8 June 2005