A PYMNTS Company

Brazil: CADE blocks US$800m sale of Petrobras unit

By  |  March 6, 2018

Brazil’s Petroleo Brasileiro SA is reviewing options to divest Liquigas Distribuidora SA, its liquified petroleum gas (LPG) distribution unit, and still plans on exiting the segment.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    “Petrobras is still evaluating alternatives for divesting Liquiqas and still adheres to the strategy included in its business plan to completely exit the (liquified petroleum gas) market,” Petrobras said.

    Brazil’s competition watchdog CADE rejected a bid by Brazil’s top LPG distributor, Ultragaz, to buy the unit for 2.8 billion reais ($860 million). Cade’s board found that the merger with Brazil’s second largest LPG distributor would involve anticompetitive risks.

    Full Content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.