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Report: Macquarie exits consortium bidding for Petrobras

Macquarie Group Ltd. withdrew its participation in a consortium that intends to bid for Petróleo Brasileiro SA - Petrobras' Transportadora Associada de Gas pipeline network, Bloomberg News reported March 15, citing sources.

The consortium, which includes GIC Special Investments Pte. Ltd., Canada Pension Plan Investment Board and Itausa - Investimentos Itau SA, is now expected to submit an offer without Macquarie.

The Brazil-based company has set an April 2 deadline for the submission of proposals. Other groups, including those led by EIG Global Energy Partners LLC and ENGIE SA, may also bid for the natural gas pipeline network.

Transportadora Associada de Gas, which could have an offer price of $8 billion to $9 billion, spans 10 states in northern Brazil. The pipeline network is part of about $10 billion worth of assets Petrobras eyes to sell in an effort to cut debt and focus on developing offshore production.