Engie Brasil CEO says perspective for buying 10% stake in TAG improved

SAO PAULO (Reuters) – The Brazilian subsidiary of France’s Engie SA (ENGIE.PA) is considering buying from local state-run oil company Petrobras its remaining 10% stake in the natural gas pipeline company TAG, given the positive performance of the business, Engie Brasil’s Chief Executive said on Thursday.

“The operation is better than what we expected, especially given funding costs are lower than what we calculated,” CEO Eduardo Sattamini said in a webcast organized by bank Safra. Petrobras sold a 90% stake in TAG to Engie Brasil and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) in April for $8.6 billion.

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