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