Petroleo Brasileiro's Gas-Pipeline Unit Draws $8.6 Billion Offer -- Update
05 Abril 2019 - 4:15PM
Noticias Dow Jones
(Adds details and Petrobras extends deadline for potential
buyers of Liquigas Distribuidora SA)
By Maria Armental
Brazilian oil company Petroleo Brasileiro SA said French utility
company Engie SA and Canadian pension giant Caisse de depot et
placement du Quebec presented the best offer for a 90% stake in
gas-pipeline unit Transportadora Associada de Gas SA.
The roughly $8.6 billion offer, subject to approval by Petrobras
governance and competitive defense bodies, includes the payment by
the buyer of $800 million in debt with Brazilian state lender BNDES
on the closing date, according to Petrobras.
State-owned Petrobras launched TAG's auction in 2017, attracting
interest from Blackstone Group LP, EIG Global Energy Partners and
Macquarie Group Ltd., all working with large institutional
investors.
(www.wsj.com/articles/competition-heats-up-for-brazilian-pipeline-business-1520445600)
Petrobras said it would continue to use TAG's natural-gas
transportation services through several long-term contracts with
the unit.
Separately, Petrobras said Friday it would adjust the
eligibility requirements and extend the deadline for potential
buyers to express interest in its liquified petroleum gas
subsidiary Liquigas Distribuidora SA.
It didn't offer further details in a securities filing.
Petrobras, which was the main focus of the country's massive
Operation Car Wash corruption investigation, has been trying to
strengthen its balance sheet, paying down debt that topped $100
billion and selling a series of assets that it deems not central to
its business.
Roberto Casatello Branco, who took over as Petrobras's new chief
executive in January, has pledged to continue to streamline the
company's balance sheet and focus on boosting production from the
country's rich, deep-water oil deposits known as the pre-salt.
(https://www.wsj.com/articles/petrobrass-new-ceo-promises-to-continue-asset-sales-cutting-debt-and-reducing-costs-11546545777)
-- Luis Garcia and Jeffrey T. Lewis contributed to this
article.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 05, 2019 18:00 ET (22:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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