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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.

“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

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