BG Group Sells Entire 60.1% Stake In Comgas For $1.7 Billion
29 May 2012 - 4:47PM
Dow Jones News
Oil and gas group BG GROUP PLC (BG.LN) said Tuesday that it has
signed a definitive binding agreement with Brazil's Cosan S.A.
Industria e Comercio for the sale of the BG's entire 60.1% holding
in gas distributor Comgas for BRR3.4 billion in cash, or $1.7
billion at current exchange rates.
MAIN FACTS:
-Transaction will reduce debt on the BG Group balance sheet by
some $1.1 billion.
-The transaction, which is subject to regulatory approval, is
likely to complete by the end of 2012.
-Further, BG Group and Cosan have agreed, when the transaction
is completed, to co-operate on evaluating and developing gas supply
options in Brazil.
-BG shares closed Monday at 1,263 pence valuing the company at
GBP42.9 billion.
-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411;
rory.gallivan@dowjones.com
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