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Mercados

UPDATE 1-Brazil's Cosan unit bids for Petrobras' majority Gaspetro stake

(Adds Cosan did not reveal details of bid)

SAO PAULO, Oct 26 (Reuters) - Brazilian energy company Cosan SA said on Monday its subsidiary Compass Gas e Energia has placed a bid for state-run oil company Petroleo Brasileiro SA’s 51% stake in Gaspetro.

Cosan did not reveal details of the size of Compass’ bid for Petrobras’ Gaspetro stake, due to the competitive nature of the bidding process. Petrobras, which is trying to divest its broad energy sector holdings, put its stake on the market at the end of February. Japan’s Mitsui holds the other 49% of Gaspetro.

Last month, Cosan said it would cancel its planned initial public offering of Compass Gas e Energia, the country’s largest natural gas distributor, due to market conditions. (Reporting by Gabriel Araujo, writing by Gabriel Stargardter, editing by Stephen Eisenhammer and Chris Reese)

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