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Monday, June 23, 2014

Brazil's Cemig backs off bid for Colombian generator Isagen, (AMEX: EGAS)

Brazil's Companhia Energ�tica de Minas Gerais, or Cemig, said on Monday it is backing off plans to bid for Colombia's third-biggest power generator, Isagen SA. In a statement, Cemig said it would seek other opportunities for its consortium with Empresas P�blicas de Medell�n , another Colombian company, but they would not be bidding for Isagen as planned."Cemig could not develop the financial structure that would make it competitive in the bidding process and achieve the returns necessary for corporate approval," the company said.The Colombian government is looking to sell its 57.6 percent in Isagen, valued at around $2.5 billion, but judicial authorities have ordered the suspension of the sale due to constitutional concerns.Duke Energy Corp, China Haudian Corporation, Spain's Gas Natural, Empresa de Energia de Bogota and Generco have also expressed interest in Isagen.

Gas Natural Inc., is a natural gas company, primarily operating local distribution companies in six states and serving approximately 70,000 customers. Shares of EGAS traded higher by 0.78% or $0.08/share to $10.40. In the past year, the shares have traded as low as $7.49 and as high as $11.35. On average, 87711 shares of EGAS exchange hands on a given day and today's volume is recorded at 82727.