SAO PAULO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro PETR4.SA said on Friday that it had begun the "non-binding phase" of the process of selling its remaining 10% stake in its former pipeline subsidiary Transportadora Associada de Gás (TAG).
In the so-called “non-binding phase” of the transaction, prospective buyers will receive a memorandum with detailed information about the pipeline company and divestment instructions, including tender guidelines.
Petrobras sold a 90% stake in TAG to Engie's ENGIE.PA Brazilian subsidiary and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) in April for $8.6 billion. Engie has said it intends to acquire the remaining stake.
Reporting by Luciano Costa, Editing by Rosalba O’Brien
Our Standards: The Thomson Reuters Trust Principles.