Petrobras Gets Approval from CADE to Sell Its Subsidiary Liquigás, Leader in the National Liquefied Petroleum Gas (LPG) Distribution Market

Written by Flavia Marinho

Published on 18/11/2020 at 21:53

Petrobras tem aval do Cade para vender sua subsidiária Liquigás, a líder no mercado nacional de distribuição de Gás Liquefeito de Petróleo (GLP)

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The Approval of the Sale of Liquigás – Petrobras’ Subsidiary, Was Conditioned on the Signing of an Agreement on Concentration Control (ACC).

Petrobras informed in an important announcement that the Administrative Council for Economic Defense (CADE) unanimously approved the operation for the sale of Liquigás to a consortium formed by Copagaz, Itaúsa, and Nacional Gás Butano, upon signing an agreement (Agreement on Concentration Control – ACC). Petrobras Manager Says That The State-Owned Company Is Already Studying More 4 FPSO Oil Platforms For The Gigantic Búzios Field

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At the time, the consortium formed by Copagaz, Itaúsa, and Nacional Gás Butano presented the best binding offer for Petrobras’ subsidiary, in the amount of R$ 3.7 billion, operating in the kitchen gas sector in Brazil.

“In addition to this approval, the conclusion of the transaction is still subject to the fulfillment of other usual preconditions. The amount of R$ 3.7 billion, subject to adjustments, will be paid to Petrobras on the closing date of the operation,” says Petrobras in the announcement.

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Recalling The Case

Petrobras’ first attempt to sell Liquigás occurred at the end of 2016 to Ultrapar for R$ 2.8 billion, but the deal was vetoed by CADE after the agency declared the negotiation with the Ultra group “complex.” This was still during Pedro Parente’s management at Petrobras.

Negotiations between Petrobras and the group Copagaz, Itaúsa, and Nacional Gás Butano have been ongoing since August 2019, when the consortium was selected to present its best proposal. The competition also included an international investment fund Mubadala and the Consigaz/GP Investimentos consortium.

There are market expectations that the group Copagaz, Itaúsa, and Nacional Gás Butano may segregate Liquigás into more than one company. This strategy is seen as a way to avoid any questioning from the competent authorities regarding the operation.

Petrobras Gets Approval from CADE to Sell Its Subsidiary Liquigás, Leader in the National Liquefied Petroleum Gas (LPG) Distribution Market

The Approval of the Sale of Liquigás – Petrobras’ Subsidiary, Was Conditioned on the Signing of an Agreement on Concentration Control (ACC).

Read Also

Recalling The Case

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Petrobras Gets Approval from CADE to Sell Its Subsidiary Liquigás, Leader in the National Liquefied Petroleum Gas (LPG) Distribution Market

The Approval of the Sale of Liquigás – Petrobras’ Subsidiary, Was Conditioned on the Signing of an Agreement on Concentration Control (ACC).

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