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Engie, Caisse Said Set to Buy Petrobras Pipe Unit for $9 Billion

April 5, 2019, 4:29 PMUpdated: April 5, 2019, 9:01 PM

Petroleo Brasileiro SA agreed to sell its 90 percent stake in natural gas pipeline unit to France’s Engie SA and Canadian pension fund Caisse de Depot et Placement du Quebec for $8.6 billion.

Engie and the Caisse prevailed after multiple rounds of bidding for the unit, known as TAG, beating out Macquarie Group Ltd. and a joint bid from EIG Global Energy Partners and Mubadala Development Co. It is the biggest-ever single asset sale for Petrobras, whose new chief executive officer has sought to speed divestitures that began years ago, when the state-run energy giant briefly became the world’s most ...