Engie-Led Consortium Seals $8.6 Billion Purchase Of Petrobras Pipeline Unit

www.oann.com | 5/16/2018 | Staff
Frost123 (Posted by) Level 3
PARIS (Reuters) – A consortium led by French utility Engie has won a bid for Petrobras’ TAG pipeline arm with an $8.6 billion offer, in a deal that boosts Engie’s presence in a fast-growing sector and will help Petrobras cut its debts.

Engie said on Monday its successful offer for a 90 percent stake in TAG was made by a consortium involving Engie and Canada’s Caisse de Dépôt et Placement du Québec (CDPQ). Petrobras will keep a 10 percent stake in TAG.

Engie - Buying - TAG - Stream - Profits

Engie said buying TAG would provide it with a steady stream of profits, with TAG accounting for 47 percent of Brazil’s entire gas infrastructure.

“Our acquisition of TAG is a significant milestone for ENGIE in Brazil, a key market for the group where we have been present for 23 years,” said Engie Chief Executive Isabelle Kocher.

(Excerpt) Read more at: www.oann.com
Wake Up To Breaking News!
Drove my Ford to the fjord, but the fjord was dry. . .
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!