OREANDA-NEWS. May 12, 2012. BG Group announced it has signed a memorandum of understanding (MoU) with Cosan S.A. Industria e Comercio (Cosan) for the sale of its 60.1% holding in Comgas, Brazil’s largest gas distribution company, for approximately USD 1.8 billion, reported the press-centre of BG Group.
 
Subject to partner consent, BG Group and Cosan expect to execute a definitive sale agreement in the near term. The transaction, which will be subject to regulatory approval, is likely to complete by the end of 2012.

BG Group Chief Executive Sir Frank Chapman said: “This memorandum of understanding is another important step in our ongoing portfolio rationalisation and funding diversification programmes, underpinning delivery of the wealth of opportunities we have across our global portfolio. We look forward to concluding this deal as part of our plans to release some USD 5 billion of capital in the next two years through strategic divestments.”

Shareholders in Comgas are BG Group (60.1%) and Shell (18.1%) with the remainder held via the public through a listing on the Sao Paulo stock exchange.

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 25 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:  www.bg-group.com