Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

BG Signs Definitive Binding Agreement With Cosan For Sale Of Comgás Stake

5/29/2012 2:17 AM ET

BG Group Plc (BRGYY.PK,BG.L) said it inked a definitive binding agreement with Cosan S.A. Indústria e Comércio for the sale of the Group's entire 60.1% holding in Comgás for Brazilian reais 3.4 billion in cash, or around $1.7 billion at current exchange rates. Besides, the transaction will reduce debt on the BG Group balance sheet by some $1.1 billion. The transaction is likely to complete by late 2012.

BG Group chief executive Sir Frank Chapman, stated, "This transaction, when completed, will release capital of around $2.8 billion which, along with other planned divestments, represents significant progress towards our two-year goal to release $5 billion of capital from BG Group's balance sheet."

In addition, BG Group and Cosan have agreed, when the transaction is completed, to co-operate on evaluating and developing gas supply options in Brazil.

Click here to receive FREE breaking news email alerts for BG Group plc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Gap Inc. Thursday after the markets closed that its first quarter profit rose 43% from last year, helped by higher sales and improved margins. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company eaffirmed its fiscal year 2013 earnings outlook, which is below analysts' current consensus estimate. After moving sharply lower at the start of trading on Thursday, stocks showed a substantial recovery attempt over the course of the trading day. The rebound came as upbeat housing data helped offset worries about the Federal Reserve. The major averages climbed well off their worst levels of the day but still ended the session in the red. President Barack Obama delivered a highly-anticipated speech on his administration's evolving counterterrorism policies on Thursday, suggesting that the U.S. needs to move away from a "boundless global war on terror." More than a decade after the 9/11 attacks, Obama argued that the terrorist threat has shifted and evolved.
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.