Brazil's Cosan In Talks With BG For Comgas Controlling Stake

Date : 04/12/2012 @ 10:04AM
Source : Dow Jones News
Stock : Cosan Limited Class A (CZZ)
Quote : 7.12  -0.26 (-3.52%) @ 4:00PM

Brazil's Cosan In Talks With BG For Comgas Controlling Stake

Cosan Limited Class A (NYSE:CZZ)
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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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