BG, Shell buy Brazil's biggest gas distribution company

04/26/1999
BG plc and Royal Dutch/Shell have purchased Brazil's biggest natural gas distribution company, Cia. de Gas de Sao Paulo (Comgas), for almost $1 billion. The purchase price of $992.7 million represents a premium of 119% over the reserve price of $452.5 million. The BG/Shell combine beat out three other bidders. Originally, 20 bidders came forth for the privatization auction, but only 4 made mandatory security deposits. According to Sao Paulo Vice Gov. Geraldo Alkmin, "The premium was much higher than we expected. This will mean acceleration of privatizations of other state properties." The recent implementation of legislation ending the petroleum monopoly of state ...
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