READING (dpa-AFX) - BG Group Plc (BRGYY.PK, BG.L) on Thursday said it has signed a memorandum of understanding with Cosan S.A. Indústria e Comércio for the sale of its 60.1 percent holding in Comgás, Brazil's largest gas distribution company, for around $1.8 billion.
Subject to partner consent, BG Group and Cosan expect to execute a definitive sale agreement in the near term. The transaction is likely to complete by the end of 2012.
BG Group has a 60.1 percent stake in Comgás and Shell holds a 18.1 percent stake. The remainder is held via the public through a listing on the São Paulo stock exchange.
BG Group Chief Executive Sir Frank Chapman said: 'We look forward to concluding this deal as part of our plans to release some $5 billion of capital in the next two years through strategic divestments.'
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