Brazil Court Suspends $5.2B Sale Of Petrobras Unit To Brookfield



Reuters

RIO DE JANEIRO, Feb 10 (Reuters) - A Brazilian federal court suspended on Friday the $5.2 billion sale of state-controlled Petróleo Brasileiro SA's natural gas pipeline unit to a group of investors led by Canada's Brookfield Asset Management Inc.

In a document seen by Reuters, the Sergipe state-based court ruled the transaction, which was to be closed within weeks, be halted because of discrepancies in the way Petrobras proceeded with the sale.

Petrobras said later on Friday that it had been informed about the court's decision and that it planned to take "appopriate judicial measures" regarding the case, indicating it would appeal.

The sale of the natural gas transportation system, called NTS (Nova Transportadora do Sudeste), was the main item of Petrobras' 2015-2016 divestiture program.

(Reporting by Marta Nogueira and Marcelo Teixeira; Writing by Guillermo Parra-Bernal; Editing by David Gregorio and Bill Rigby)



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