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SAO PAULO / RIO DE JANEIRO (Reuters) – A consortium led by France's Engie SA has submitted the highest bid for a major pipeline pipeline owned by Brazil's Petroleo Brasileiro SA, the state-owned oil company said on Friday. as the largest divestment of the company draws to a close.
PHOTO FILE: A man walks past the headquarters of the Brazilian oil company Petrobras, in Rio de Janeiro, Brazil, on December 5, 2018. REUTERS / Sergio Moraes / Photo of the file
In a statement, Petrobras reported that the Engie consortium, which includes the Quebec Deposit and Investment Fund of Canada, has submitted an offer of $ 8.6 billion for 90% of the TAG pipeline unit in the north. and northeastern Brazil.
This offer was completed by two competing consortiums, led respectively by Itausa Investimentos Itau SA and EIG Global Energy Partners with Mubadala Investment Co.
Two sources familiar with the issue said the difference between the offers was very small. The second highest bid, presented by EIG Global Energy Partners and Mubadala Investment Company, was 1% lower at Engie's bid, they said.
Engie affiliates in different countries represent 75% of the winning consortium and the Canadian pension fund the remaining 25%, added one of the sources, asking for anonymity to discuss undisclosed details.
Itau Unibanco Holding SA, Banco Bradesco SA and Banco do Brasil SA have financed about 60% of the offer.
The EIG-Mubadala group was funded by JPMorgan Chase & Co and Goldman Sachs. The third group, led by the Brazilian holding company Itausa Investimentos Itau SA, was also financed by local banks. Banco Santander Brasil SA was the Petrobras advisor for this transaction.
The price includes the payment by the Engie group of $ 800 million of debt to the Brazilian development bank BNDES. With an exchange rate of 3.85 reais per dollar, Petrobras said the agreement valued the entire TAG at 35.1 billion reais.
The divestment represents a victory for Petrobras current CEO and CEO, Roberto Castello Branco, who is striving to aggressively release badets to reduce debt and refocus on exploration and development. production.
The sales process began in October 2017 but was interrupted last year by an injunction of the Supreme Court.
In September 2016, Petrobras sold to Brookfield Infrastructure Partners LP, a larger gas pipeline gas pipeline, Nova Transportadora do Sudeste, for $ 5.2 billion, which exceeded the purchase offer of $ 10 billion. 39; Engie.
Petrobras will continue to distribute natural gas via the TAG system under long-term contracts, the company said in its statement.
Bloomberg announced Friday the sale of TAG.
Report by Tatiana Bautzer in Sao Paulo and Gram Slattery in Rio de Janeiro; edited by Matthew Lewis, Bill Berkrot and Sonya Hepinstall
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