Cosan Limited Class A (NYSE:CZZ)
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5 Years : From Sep 2012 to Sep 2017
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; email@example.com