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Reuters: Petrobras gets three bids for its gas pipeline network

  • Petrobras (PBR -1.6%) received three binding bids for its sale of a 90% stake in the TAG gas pipeline network, possibly for more than $7B, Reuters reports.
  • The bids reportedly were from groups led by France's Engie (OTCPK:ENGIY), Australia’s Macquarie and United Arab Emirates’ sovereign wealth fund Mubadala Development, and all were said to be higher than the $5.2B paid by Canada’s Brookfield Asset Management for Nova Transportadora do Sudeste, another gas pipeline unit sold by PBR.
  • The TAG sale is part of PBR's asset sale program with a $21B target in 2017-18, as the Brazilian company seeks to reduce its $95B debt pile.

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