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Brazil’s Cosan to buy shell’s Comgas stake for $365 mln

Brazil’s Cosan to buy shell’s Comgas stake for $365 mln

SAO PAULO: Brazilian energy conglomerate Cosan SA Industria e Comércio agreed on Tuesday to pay its partner Royal Dutch Shell Plc 1.16 billion reais (276.52 million pounds) 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.