Three groups make new offer by TAG, Petrobras

Three groups presented on Tuesday, 2, new proposals to buy 90% of Associated Gas Carrier (TAG), Petrobras. In addition to the Belgian franc Engie, which had exclusive rights to negotiate the terms of the contract with Petrobras, the Mubadala Fund and a consortium led by itasa returned to the dispute. The result should come out between Thursday and Friday. The rules defined by the Tribunal de Contas da União (TCU), the sale of assets of the oil company, which was advised by banco Santander – must obey two steps. At first, the State has chosen the best proposal, which was the Engie, who negotiated the contract. After this phase, Petrobras has opened the process for competitors who have made smaller proposals. Between the first and the second phase of the process, the formatting of the consortia have changed. The Engie joined the Canadian Fund Caisse de Depot and Placement du Quebec (for CDPQ) and Itaúsa with another Canadian: the Canada Pension Plan Investment Board (CPPIB). In the first phase, the Group of family Setubal was with the Australian Bank Macquarie. The value of the deal is around $ $8 billion and $ $9 billion ($30 billion and R R $34 billion, for listing of Tuesday). The TAG sale is considered strategic to the State, which is in the process of disinvestment. When implemented, the transaction is the largest ever held by the company. The TAG has a network of pipelines of approximately 4500 kilometers long, in the North and Northeast. In June last year, after Petrobras choose the Engie to have exclusivity in negotiations, an injunction suspended the process. The talks resumed in January, when the Superior Court of Justice (STJ) overturning the decision. Engie, Itaúsa, CPPIB, for CDPQ, Mubadala and Petrobras did not want to talk about it.