IEnova says recasts Pemex deal to buy pipeline stake

IEnova, the Mexican unit of U.S.-based Sempra Energy, said on Tuesday it had restructured a deal to buy state-run oil company Pemex's 50 percent stake in pipeline company Gasoductos de Chihuahua for US$1.108 billion.

In December, Mexico's Federal Economic Competition Commission (COFECE) said it objected to a previous incarnation of the deal, as Pemex had failed to sell its stakes in a liquefied petroleum gas pipeline and a natural gas pipeline, as ordered by a previous anti-trust agency.

On Tuesday, IEnova announced it had restructured the deal with Pemex, which would be able to proceed once it had finished complying with the watchdog's conditions.

IEnova said it would pay a minimum of US$1.108 billion for the stake, less than the US$1.325 billion it pledged to pay last July.