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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.

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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