BG Group (BG.) - BG Group - Sale of Comgas stake completed
RNS Number : 4056Q
BG GROUP plc
06 November 2012
6 November 2012
Sale of Comgás stake completed
BG Group today completed the previously announced transaction to sell the
Group's entire 60.1% holding in Comgás for a consideration of Brazilian reais
3.4 billion, or approximately $1.7 billion, to Cosan S.A. Indústria e Comércio
(Cosan). In addition, debt on the BG Group balance sheet has been reduced by
some $1 billion.
The transaction was concluded after BG Group and Cosan obtained the necessary
approvals from the São Paulo State Sanitation and Energy Regulation Agency and
the Economic Defense Administrative Board.
BG Group announced in May it had signed a definitive binding agreement with
Cosan for the sale of the Group's interest in Comgás, Brazil's largest gas
BG Group took the strategic decision to exit its Transmission & Distribution
and Power businesses as an integral part of a portfolio rationalisation
programme. Conclusion of the Comgás transaction follows agreement in early
October to sell BG Group's controlling interest in India's Gujarat Gas Company
Limited for approximately $470 million and the sale in May of the Group's
interests in two Philippines power plants for $360 million.
Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy
focused on connecting competitively priced resources to specific, high-value
markets. Active in more than 20 countries on five continents, BG Group has a
broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and
transmission and distribution business interests. It combines a deep
understanding of gas markets with a proven track record in finding and
commercialising reserves. For further information visit:
BG Group was advised on the transaction by Bank of America Merrill Lynch.
For images of BG Group visit: www.vismedia.co.uk(requires additional
Mark Todd: +44 (0) 118 929 3110
Kim Blomley: +44 (0) 118 938 6568
Out of Hours Media Mobile: +44 (0) 7917 185 707
Investor Relations: +44 (0) 118 929 3025
There are matters set out within this announcement that are forward-looking
statements. Such statements are only predictions, and actual events or results
may differ materially. For a discussion of important factors which could cause
actual results to differ from these forward-looking statements, refer to
BG Group's Annual Report and Accounts for the year ended 31 December 2011. BG
Group does not undertake any obligation to update publicly, or revise,
forward-looking statements, whether as a result of new information, future
events or otherwise, except to the extent legally required.
This information is provided by RNS
The company news service from the London Stock Exchange
MSCEAKFKELDAFEF -0- Nov/06/2012 07:00 GMT
Press spacebar to pause and continue. Press esc to stop.