January 23, 2019 |
Brazil's Cosan has offered to buy all outstanding shares in the local natural gas company Comgás on the B3 stock exchange in São Paulo.
Cosan said it will spend up to BRL1.93bn ($507m) for 23.6m preferred shares in Comgás for BRL82 each, equal to 17.9% of the gas company's total capital stock. Cosan also said it has already struck a deal to buy 9.85m preferred shares under the terms of the offer.
Cosan, which owns 80.1% of Comgás, has hired BTG Pactual and Cit to work on the offer. Shares in C
Brazilian conglomerate earmarks more than $500m for all outstanding preferred shares in the local natural gas company