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GALP Will Buy 50% of Petrobras in Belem Bioenergia Brasil and Become the Sole Shareholder of the Company, According to Cade’s Opinion.
On this day, September 2nd, the Portuguese energy group Galp was authorized by Brazil’s competition protection agency, Cade, to acquire a stake in Petrobras in Belem Bioenergia Brasil, a biofuel company in which it already had a stake. Amid the divestments made by the oil company to focus on the pre-salt, there is no intention from the president to privatize the company.
The transaction was approved without restrictions by the Administrative Council for Economic Defense (Cade), according to a publication in the Official Gazette of the Union.
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Under the transaction, Galp will buy 50% of Petrobras in Belem Bioenergia Brasil and will become the sole shareholder of the company, according to Cade’s opinion, which does not cite the amounts involved.
“From the perspective of Galp, the operation represents an opportunity to expand its operations in the palm oil market and increase the production and distribution of the product in the domestic market. From Petrobras’s perspective, the operation represents an opportunity to dedicate its commercial efforts to its core activities and optimize its business portfolio”, informed Cade.
The antitrust agency’s opinion also stated that the deal would have “positive implications for the market from a competition perspective”, as it would reduce Petrobras’s concentration in the segment.
Petrobras has been making several divestments to reduce its debt while focusing efforts on the exploration and production of oil and gas in deep waters.
On August 26, the company began the binding phase for the sale of all its stakes in the concessions of the land fields of the Rio Ventura Pole, in Bahia. Overall, the state-owned company will sell its stakes in 8 exploration and production concessions.
Those qualified for the new phase of the divestment process will receive instructions, including on how to submit their proposals for the asset.
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