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Brazil: CADE settles oil buyout case with $1.3M fine

By  |  August 29, 2013

Brazil’s antitrust regulator, CADE, announced the issuance of a $1.3 million fine to settle a case against OGX Petroleo e Gas Participacoes following the company’s buyout of an offshore oil block before the acquisition was cleared.

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    In an announcement posted by the watchdog Wednesday, CADE said the company agreed to pay the fine for “gun jumping.” OGX bought a 40 percent stake in the oil and natural gas block last November from state-owned Petroleo Brasileiro, also known as Petrobras. The acquisition was made for $270 million.

    Reports say CADE decided to fine the company for the buyout instead of nullifying the deal.

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