Brazil's Cosan buys additional stake in Comgas for $414 mln

SAO PAULO,  (Reuters) - Brazilian energy company Cosan SA Indústria e Comércio bought an additional stake of 19.5 million preferred shares in natural gas distribution company Comgas, which it already controls, for nearly 1.6 billion reais ($414 million), the company said.

Cosan paid 82 reais per each preferred share of Comgas in the deal, a voluntary public acquisition offer at Sao Paulo’s B3 exchange. Comgas, or Companhia de Gas de Sao Paulo SA, is Brazil’s largest natural gas distributor.

Banco BTG Pactual acted as financial advisor in the deal.

Besides Comgas, Cosan owns 50 percent of Raízen, Brazil’s largest ethanol and sugar producer and third largest fuels distributor, a joint venture with Royal Dutch Shell Plc, which owns the other 50 percent.

Cosan retains as well a controlling stake in Rumo, Latin America’s largest rail operator. ($1 = 3.8644 reais) (Reporting by Marcelo Teixeira Editing by James Dalgleish)

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