Petrobras Says Injunction Blocking Sale of Gas Unit NTS Overturned
Brazil's state-controlled oil company Petroleo Brasileiro SA said on Thursday that an injunction blocking the sale of its gas pipeline unit Nova Transportadora do Sudeste SA (NTS) to a group led by Canada's Brookfield Asset Management Inc has been overturned. Petrobras, as the company is known, said in a securities filing that it plans to continue with NTS divestiture. The group led by Brookfield agreed to pay $5.2 billion for the unit in September. (Reporting by Tatiana Bautzer; Editing by Daniel Flynn)
Brazil Court Suspends Sale of Petrobras Unit to Brookfield
A Brazilian federal court suspended on Friday the $5.2 billion sale of state-controlled Petróleo Brasileiro SA's natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management Inc . In a document seen by Reuters, the Sergipe state-based court ruled the transaction, which was to be closed within weeks, be halted because of discrepancies with the way Petrobras proceeded with the sale. (Reporting by Marta Nogueira; Writing by Guillermo Parra-Bernal; Editing by David Gregorio)
Peru Says It Will Nix Key Odebrecht Contract If Won through Bribes
Peruvian President Pedro Pablo Kuczynski said he will terminate a $5 billion natural gas pipeline contract if it is found to have been won with bribes, even if corruption-plagued Brazilian builder Odebrecht exits the project. In a videotaped interview with financial daily Gestion posted online on Tuesday, Kuczynski said some of the $29 million in bribes that Odebrecht recently acknowledged distributing in Peru may have been used to win the pipeline contract in 2014, which would trigger "termination of the contract" if true. Kuczynski said he would apply a clause in the contract for the pipeline…
Odebrecht in Talks to Sell Peru Pipeline to Brookfield
Brazilian construction conglomerate Odebrecht SA is in advanced talks on selling its majority stake in a $5 billion natural gas pipeline in Peru to Canada's Brookfield Asset Management Inc, Peru's finance minister said in a television interview. The two companies and the government of Peruvian President Pedro Pablo Kuczynski reached a preliminary deal on Friday, Alfredo Thorne told local journalist Jaime Althaus in an interview on Canal N late on Tuesday. Brookfield and Thorne did not immediately respond to requests for comment. Odebrecht said it was "still early" to comment. (Reporting By Marco Aquino)
Brookfield Asset Proposes Stake in TerraForm Power
Brookfield Asset Management Inc proposed on Friday to take a 50-60 percent stake in bankrupt solar company SunEdison Inc unit TerraForm Power Inc , a week after it expressed interest in buying the unit. The cash offer of $13 for class A and class B shares of TerraForm Power is nearly in line with the class A stock's Thursday close of $13.01. The asset manager, which in June expressed interest in buying SunEdison's stake in TerraForm, said last week that it had met with the companies and their advisers to discuss options for a deal. One option included Brookfield replacing SunEdison as the sponsor of yieldcos TerraForm Power and TerraForm Global Inc…
Petrobras to sell Liquigás unit to Ultrapar
Brazil's Petrobras said on Friday it is in advanced talks with local conglomerate Ultrapar Participações SA to sell its gas distribution unit Liquigás Distribuidora SA. Petróleo Brasileiro SA, as the state-controlled oil company is formally known, said in a securities filing that the transaction has yet to be approved by the boards of both companies and antitrust bodies. Ultrapar said in a separate filing that the negotiation is for the acquisition of all Liquigás shares. No financial details were disclosed. A source with direct knowledge of the talks…
Petrobras: Pipeline Sale to Brookfield Won't Affect Gas Contracts
Brazil's state-owned Petrobras said on Friday that its agreement to sell a 90 percent stake in its NTS pipeline system unit for $5.2 billion to a group led by Canada's Brookfield Asset Management Inc would not affect existing natural gas contracts. Petroleo Brasileiro SA, as the company is formally known, has gas supply contracts with its NTS unit, and they expire between 2025 and 2031. Its Transpetro shipping and pipeline company has a management and maintenance contract with NTS,said Rodrigo Costa, Petrobras' general manager for natural gas. (Reporting by Jeb Blount)
SunEdison's Yieldcos Exploring Strategic Options, Including Sale
TerraForm Global Inc and TerraForm Power Inc, the "yieldcos" of bankrupt solar company SunEdison Inc, said on Monday they were exploring strategic alternatives, including a sale of their entire business. TerraForm Power's shares were up 3.4 percent at $13.49 in early trading, while TerraForm Global was up 7.4 percent at $3.65. The two companies said on Monday they are also considering replacing SunEdison with a new sponsor, by negotiating new sponsorship arrangements or by assuming SunEdison's existing sponsorship agreements. Yieldcos are publicly traded subsidiaries that hold renewable energy assets, including assets bought from their parents or sponsors.
Brookfield Group to Buy Petrobras Pipeline Unit for $5.2 bln
Brazil's Petroleo Brasileiro SA agreed to sell 90 percent of its natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management Inc for $5.2 billion, a source with direct knowledge of the deal said on Tuesday. The investor group includes British Columbia's pension fund and Chinese and Singaporean sovereign wealth funds CIC and GIC. The agreement will be submitted to the Petrobras board and the transaction is expected to close in late September, the source said. Petrobras declined to comment and Brookfield didn't immediately comment. (Reporting by Tatiana Bautzer)
Angela Braly Elected to ExxonMobil Board
Exxon Mobil Corporation shareholders have elected Angela Braly to its board of directors. Including Braly, the ExxonMobil board now stands at 14 directors, 12 of whom are non-employee directors. Braly is the former chairman, president and chief executive officer of health insurance company WellPoint, now known as Anthem. Braly served as chairman of WellPoint from 2010 to 2012 and president and CEO of the company from 2007 to 2012. Prior to that, she held various senior executive positions at WellPoint including general counsel and chief public affairs officer.
Apache Exits Australia E&P Business with $2.1b Sale
U.S. oil and gas company Apache Corp said it would exit its exploration and production business in Australia by selling its unit there to a consortium of private equity funds for $2.1 billion in cash. The sale of Apache Energy Ltd to a consortium of funds managed by Macquarie Capital Group Ltd and Brookfield Asset Management Inc has an effective date of Oct. 1, 2014, Apache said. (Reporting by Sneha Banerjee in Bengaluru; Editing by Savio D'Souza)
