Centrica may sell shares in new gas production company

Centrica and Stadtwerke Muenchen agreed to combine assets to set up a new European exploration and production company and may sell shares in the venture after two years. The UK’s biggest energy supplier to homes will own 69% of the business and the transaction is expected to close in the fourth quarter, Centrica said Monday in a statement. The organisation allows for further consolidation and joint ventures, potentially through an initial public offering in two to five years.