Brazil's Petrobras Moves Forward in Process to Sell Remaining Stake in TAG

Source Reuters
Company Petrobras (IFRS US$ Current) 
Tags Deal Rumours
Date January 18, 2020

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.

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