August 8, 2008
Gas Natural to Sell Minority Stake in Argentine Subsidiary to Grupo Chemo
Gas Natural has reached an agreement to sell 19.6% of its Argentine subsidiary Gas Natural BAN's shares to Grupo Chemo, a company headed by Leandro Sigman. The final selling price is $56 million.
Gas Natural will retain its majority holding in Gas Natural BAN, at 50.4%, and in its sales and services companies, and will continue to control the company. The finalization of the agreement is subject to the results of the due diligence process and the signing of the final purchase agreements.With this agreement, the Spanish energy company will have an Argentine partner in its subsidiary Gas Natural BAN, as it did when it first began operating in the country, and in line with its policy of incorporating local capital in its international subsidiaries.