A PYMNTS Company

Brazil: CADE wants more info on Petrobras sale

 |  October 12, 2017

Brazilian antitrust officials asked for additional information about state-led oil producer and refiner Petrobras’ sale of a petrochemical and textile unit to Mexico’s Alpek, Petrobras said in a statement Wednesday.

Petrobras agreed to sell Petroquimica Suape and Companhia Integrada Textil de Pernambuco, or Citepe, to Alpek for US$385 million in late 2016. The deal still needs full regulatory approval, including by the Justice Ministry’s Antitrust Division known as CADE.

“Petrobras will continue to collaborate with CADE to obtain approval of the operation within the legal time frame and will keep the market informed about any relevant decision,” Petrobras said.

CADE officials declared the deal “complex,” a procedural move that gives antitrust regulators more time to evaluate the impact of the sale on local competition.

Full Content: BN Americas

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