Transportadora de Gas del SurNYSE
Wed, Jul. 20, 9:59 AM
- Pampa Energia (PAM -0.7%), Argentina's biggest electric utility, agrees to sell its indirect 50% stake in local natural gas supplier Transportadora de Gas del Sur (TGS -1.8%) for $241M.
- PAM says it has received a partial payment of $8M, with a further $153M due when the company closes a purchase of Petrobras Argentina (PZE -0.1%) and the rest to be paid by next February.
- The divestment of TGS is required by Argentinian regulations for PAM to proceed with the PZE purchase; the regulations stipulate that an oil and gas producer cannot have control of a gas transporter.
Apr. 16, 2012, 12:09 PMMore on Argentina's takeover of YPF: The government will send a bill to Congress to take a 51% stake in the oil & gas giant for the "public good," according to an official. The move follows weeks of government pressure for the firm to spend more and pay its investors less. Shares -14%, Repsol (REPYY.PK) -1.7%. | Apr. 16, 2012, 12:09 PM | 9 Comments