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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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Editorial Comment
-Adrienne Blume
This year could be the largest ever for LNG export project final investment decisions (FIDs).
EWAnalysis: Impact of technology on gas transmission management—Part 2
-Bob Andrew
This article is the second in our “Impact of Technology” series; the first was “Impact of technology in gas processing plants—Part 1,” which appeared in the October/November 2018 issue of Gas Processing & LNG.

GasPro 2.0: A Webcast Symposium

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The global LNG industry is becoming increasingly interconnected as grassroots export projects get off the ground. Another technology route for processing gas into fuels—GTL—is attracting renewed attention due to improving economics. Small-scale solutions for both LNG and GTL are at the forefront of new technological developments, while major projects using more conventional technologies continue to start up around the world.

During this webcast, we will focus on LNG, GTL, gas processing technology developments and deployments, operations, small-scale solutions, transportation, trading, distribution, safety, regulatory affairs, business analysis and more.

October 25, 2018 08:30 AM CDT

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