BG MOU With Cosan For Sale Of Its 60.1% Holding In Comgas For $1.8 Billion

Date : 05/03/2012 @ 2:47AM
Source : Dow Jones News
Stock : Cosan Limited Class A (CZZ)
Quote : 7.98  0.0 (0.00%) @ 4:00AM

BG MOU With Cosan For Sale Of Its 60.1% Holding In Comgas For $1.8 Billion

BG Group (LSE:BG.)
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BG Group PLC (BG.LN), a natural gas and oil exploration company, said Thursday that it has signed a memorandum of understanding or MoU with Cosan S.A. Industria e Comercio for the sale of its 60.1% holding in Comgas, Brazil's largest gas distribution company, for $1.8 billion.

MAIN FACTS:

-Subject to partner consent, BG Group and Cosan expect to execute a definitive sale agreement in the near term.

-The transaction, which will be subject to regulatory approval, is likely to complete by the end of 2012.

-Shareholders in Comgas are BG Group--60.1% and Royal Dutch Shell PLC (RDSA.LN)--18.1% with the remainder held via the public through a listing on the Sao Paulo stock exchange.

-BG Group shares closed Wednesday at GBP14.51, valuing the company at GBP49.29 billion.

-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; razak.baba@dowjones.com




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