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With the sale of Gaspetro authorized by Petrobras in June, Compass transferred the minimum stakes of the current Commit Gás SA to 5 fuel distributors
The transfer of minority stakes in five natural gas distributors by Commit Gás SA (formerly Gaspetro), validated last Friday, the 29th, is a well-regarded attitude for the former Gaspetro and its controllers, Compass Gás e Energia and the Cosan Group, as analyzed by Credit Suisse.
For the bank's analysis specialists, the transaction made by Compass when buying Gaspetro with Petrobras' permission is as expected, since the state governments fulfilled their preemptive rights, and Compass had already committed to selling the stake in Commit (Gaspetro) in 12 of its 18 gas distribution companies in the country.
According to the important fact revealed by Compass last Friday, the 29th, preemptive rights were exercised by shareholders holding stakes in the distributors Algás (AL), Bahiagás (BA), Cegás (CE), Cebgás (DF) and Pbgas (PB). As a result of these operations, Commit (Gaspetro) earned a total amount of R$726 million. After the conclusion of the transactions, the company continues to only participate in the distributors of gas cearense and alagoana, of 29,4% in each.
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Compass also states that other disposals of stakes in the transactions involving the purchase of Gaspetro remain subject to the fulfillment of conditions precedent.
Sale of the minimum stakes in Commit (Gaspetro) was proposed at the beginning of the transactions
The transfer of Commit's stakes in 12 distributors was discussed in a Compass business plan, still during the validation process carried out by the Administrative Council for the Defense of Competition (Cade) of the purchase of the 51% of Gaspetro that previously belonged to Petrobras. The antitrust agency validated the transaction in June this year, in a tight judgment, and in July the sale was concluded in a transaction of R$ 2,097 billion.
Petrobras received around BRL 2,1 billion from the sale of 51% of Gaspetro to Compass
Petrobras stated that the transfer from Gaspetro to Compass, around 51% transferred to Compass, which is controlled by the Cosan group, had an operating value of around R$2,09 billion.
In June, the Court of the Administrative Council for Economic Defense (Cade) approved, without any embargo, the sale of the stake in Petrobras at Gaspetro. Almost a year ago, Compass announced the agreement with Petrobras for the purchase of Gaspetro, with an announced value of R$ 2,03 billion.
Petrobras also said at the time of approval of the sale, that the operation is in line with the term of commitment to cease (TCC) validated with Cade, in July 2019, to increase competition in the natural gas sector in Brazil and also with Petrobras' portfolio management strategy.
Paraíba invested BRL 50 million in a part of Gaspetro in PBGás
The government of Paraíba, led by João Azevêdo (PSB), invested around BRL 50 million at the beginning of the first week of July, for the participation of Gaspetro, recently called Commit, in PBGás. When executing the preemptive right in the purchase of shares, the state will hold 75,5% of the common shares in the distributor, even having voting rights.
The State has not yet decided on its next steps, that is, if it will privatize the concessionaire in the future or if it will sell a smaller slice to a new partner.
