January 17, 2020 / 9:34 PM / a month ago

Brazil's Petrobras moves forward in process to sell remaining stake in TAG

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below