French Front-runner for North Sea Deal

According to media reports, state-controlled gas utility Gaz de France (GdF) is the front-runner in a bid to acquire a US$480mn package of UK North Sea oil and gas assets being sold by BHP Petroleum - a subsidiary of mining giant BHP Billiton. Final offers are expected today, with Electricite de France (EdF) competing with GdF and UK gas group Centrica for the assets. Other bidders are thought to include Italy's Eni, acquisitive UK independent Tullow Oil and Japanese company Idemitsu.

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