The approval of the sale of Liquigás – a subsidiary of Petrobras, was conditioned to the signing of a Concentration Control Agreement (ACC).

Petrobras informed in a material fact that the Administrative Council for Economic Defense (CADE) unanimously approved the sale of Liquigás to the consortium formed by Copagaz, Itaúsa and Nacional Gás Butano, upon signing an agreement (Acordo em Controle of Concentration - ACC). Petrobras manager said that the state-owned company is already studying 4 more 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 the Petrobras subsidiary, worth R$ 3,7 billion, which operates in the cooking gas segment in Brazil.

“In addition to this approval, the conclusion of the transaction is still subject to the fulfillment of other usual conditions precedent. The amount of BRL 3,7 billion, subject to adjustments, will be paid to Petrobras on the closing date of the operation”, says Petrobras in the statement.

In the cooking gas market, Liquigás is the second largest company, following Ultragaz. Through the acquisition of Liquigás, Copagaz and Nacional Gás Butano will take the lead, in the same order, leaving Ultragaz in third place.

remembering the case

Petrobras' first attempt to sell Liquigás took place at the end of 2016 to exceed for BRL 2,8 billion, but the deal was vetoed by CADE after the agency declared the negotiation with the Ultra group “complex”. Still in the management of Pedro Parente at Petrobras.

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

There is an expectation by the market that the Copagaz, Itaúsa and Nacional Gás Butano group may segregate Liquigás into more than one company. The strategy is seen as a way to avoid any kind of questioning by the bodies responsible for the operation.