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Brazil: Petrobras looks to Santander to revive LPG unit sale

By  |  February 20, 2019

Brazil’s state-controlled oil company Petroleo Brasileiro has hired the investment banking unit of Banco Santander Brasil to revive efforts to sell its liquefied petroleum gas distribution unit, reported Reuters.

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    Petrobras, as the company is known, had agreed in 2016 to sell Liquigas Distribuidora to local rival Ultrapar Participações in a process managed by the investment banking unit of Itau Unibanco Holding.

    But the 2.8 billion-real (US$753.86 million) deal was blocked by Brazil’s antitrust watchdog CADE in February 2018.

    Petrobras’ new CEO Roberto Castello Branco in December announced the oil company would seek to sell US$26.9 billion in assets between 2019 and 2023, after it missed a prior US$21 billion divestment target for 2017-2018.

    Full Content: Reuters

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