Brazil's Cosan In Talks With BG For Comgas Controlling Stake
April 12 2012 - 10:04AM
Dow Jones News
Brazil's Cosan SA (CSAN3.BR), the world's biggest sugarcane
processor, said Thursday it is in talks with BG Group PLC (BRGYY,
BG.LN) to buy the British company's stake in natural-gas
distributor Cia de Gas de Sao Paulo, or Comgas (CGAS5.BR).
Exame magazine said in this week's edition that Cosan was in
talks with BG to take a controlling stake in Comgas, which BG
controls together with Royal Dutch Shell PLC (RDSA, RDSA.LN).
Cosan, which has an ethanol-distribution joint venture with Shell,
will pay 2.5 billion Brazilian reais ($1.4 billion) for the
controlling stake, Exame said, citing people familiar with
talks.
Cosan confirmed in a regulatory filing it is in talks with BG,
but said nothing has been formally settled between the companies to
date.
BG didn't immediately return a phone call seeking comment.
Comgas's press office told Dow Jones Newswires that the company was
contacted by BG, which said it was in talks with Cosan about a
possible sale of its stake.
-By Paulo Winterstein, Dow Jones Newswires; 55-11-3544-7073;
paulo.winterstein@dowjones.com
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