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

Cosan Limiited (NYSE:CZZ)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Cosan Limiited Charts.
Cosan Limiited (NYSE:CZZ)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Cosan Limiited Charts.