Cemig Takes 40% Stake In Petrobras Gas Distributor

Law360, New York (February 9, 2012, 1:12 PM EST) -- A subsidiary of Brazilian energy giant Petroleo Brasileiro SA has agreed to sell a 40 percent stake in one of its natural gas distributors to utility company Companhia Energetica de Minas Gerais SA, or Cemig, Petrobras announced Wednesday.

The two state-run companies executed an investment agreement to share partnership in Gás Brasiliano Distribuidora SA, which is currently wholly owned by Petrobras. Financial details of the deal were not immediately disclosed, but the transaction is expected to close later this year, subject to regulatory approval, according to...
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