The transaction is for approximately US$380 million
An agreement has been signed between Shell Gas BV, Shell Brazil Holding BV and Integral Investments BV (“Shell”) and Cosan Ltd. to execute an existing Put Option Agreement, which allows Shell to sell all of its 16.8% interest in Companhia de Gas de São Paulo (“Comgás”) to Cosan Ltd. As per the agreement, Shell will exchange its ~21.8 million common shares in Comgás for Cosan S.A. Indústria e Comércio (“Cosan SA”) shares plus cash.
Approximately US$380 million is the headline for the transaction, which is expected to be completed by year-end, subject to customary closing conditions, regulatory approvals and certain consents.
Maarten Wetselaar, Shell’s Integrated Gas and New Energies Director said, “This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term. Brazil is an important country to Shell, and our portfolio of high quality assets and development opportunities positions us well for the future.” PWKD12102017
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