December 3, 2019 / 8:26 PM / 6 days ago

Engie Brasil wants to buy remaining stake in TAG - CEO

FILE PHOTO: A logo of French energy company Engie is seen at an office building in La Defense business district in Courbevoie near Paris, France, October 12, 2019. REUTERS/Regis Duvignau

RIO DE JANEIRO (Reuters) - The Chief Executive Officer of Engie’s Brazilian subsidiary said the French company group wants to acquire the 10% stake still owned by state-controlled oil company Petrobras SA in the natural gas pipeline company TAG.

Mauricio Bahr told reporters in Rio de Janeiro the TAG investors group led by Engie will enter in talks to acquire the stake in the first half of 2020, as stated by the contract with Petroleo Brasileiro SA.

Bahr said Engie has the right to acquire between 6.5% to 7% of the 10% stake still owned in TAG by Petrobras. Engie and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) acquired TAG for $8.6 billion last April.

Reporting by Rodrigo Viga Gaier in Rio de Janeiro; Writing by Tatiana Bautzer; Editing by Chris Reese

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