CPPIB joins Macquarie group bid for Petrobras pipelines: Reuters
At least three consortia, led by France’s Engie SA, Australia’s Macquarie Group Ltd and the United Arab Emirates’ sovereign wealth fund Mubadala Development Co, delivered proposals for a Brazilian gas pipeline network owned by state oil company Petrobras, sources told Reuters. Proposals to acquire a 90 percent stake in Transportadora Associada de Gás SA, the Petrobras unit known as TAG, which owns 4,500 kilometres of pipelines in northeast Brazil, are expected to range from US$5 billion to up to US$7 billion. Macquarie has partnered with Canada Pension Plan Investment Board and Singapore’s sovereign wealth fund GIC Pte Ltd, among others. Petrobras sold another gas pipeline network in southeast Brazil last year to a group led by Canada’s Brookfield Asset Management for US$5.2 billion.
