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Brazil's Cosan to buy Shell's Comgas stake for $365 million
October 10, 2017 / 10:38 PM / 2 months ago

Brazil's Cosan to buy Shell's Comgas stake for $365 million

SAO PAULO, Oct 10 (Reuters) - Brazilian energy conglomerate Cosan SA Industria e Comércio agreed on Tuesday to pay its partner Royal Dutch Shell Plc 1.16 billion reais ($365 million) for a 16.8 percent stake in gas distribution company Companhia de Gás de São Paulo, or Comgás.

Cosan said it will transfer shares equal to 5 percent of its own capital plus 209 million reais, converted to U.S. dollars, to Shell upon closing the deal. It added that it would pay an additional 215 million reais, converted to dollars, a year later.

$1 = 3.18 reais Reporting by Brad Haynes and Tatiana Bautzer; Editing by Tom Brown

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