Subscribe today and receive an extra account for free.
Subscribe
Photo by Steve Jurvetson (Flickr) [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons
August 9 (SeeNews) - Brazilian Galp Bioenergy BV is acquiring the shares it does not already own in Belem Bioenergia Brasil (BBB), the vegetable oil and biofuel business of state-run oil and gas giant Petroleo Brasileiro SA (BVMF:PETR4) or Petrobras.
The transaction is valued at BRL 24.7 million (USD 6.3m/EUR 5.6m) for 50% of BBB's capital stock. According to the filling, the money will be held by the buyer until December 2020 for potential indemnity payments.
Closing of the sale is subject to the fulfilment of a number of conditions precedent, among which is securing approval by watchdog regulator Cade. If and when the sale is completed, Petrobras will exit BBB while Galp will control 100% of the company.
This deal is part of Petrobras' divestment plan as the firm aims to optimise capital allocation. The stake in BBB is being sold by subsidiary Petrobras Biocombustiveis SA.
(BRL 1.0 = USD 0.255/EUR 0.228)
Weekly renewables M&A round-up (Dec 2-6)
Dec 06, 2019 15:48 CEST
Iberdrola seals EUR-690m loan with EIB at COP25
Dec 05, 2019 16:59 CEST
Tax committee okays bill for renewables incentives for farms in Brazil
Dec 05, 2019 9:08 CEST
Brazil's Nov solar generation increases 76% y/y
Dec 05, 2019 7:53 CEST
AES Tiete inks wind PPA with Anglo American for 79 MWa
Dec 03, 2019 16:41 CEST
Bunge, BP announce completion of bioenergy JV in Brazil
Dec 03, 2019 13:29 CEST
