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Petrobras Announced Last November the Sale of Liquigás to the Group Formed by Copagaz, Itaúsa, and Nacional Gás Butano
Petrobras – The technical area of the Administrative Council for Economic Defense (Cade) declared, and the acting general superintendent of the agency, Patricia Alessandra Sakowski, accepted the acquisition of Liquigás by Copagaz, Itaúsa, Fogás, and Nacional Gás Butano as “complex.” Saccording to Petrobras, the price of Natural Gas is expected to fall in August.
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The decision was made this Thursday (06/25) and the process will now undergo an analysis of an additional 90 days, during which it will be evaluated whether the proposal for the distribution of assets among the parties is appropriate to address concerns related to the potential exercise of unilateral power and also whether it is capable of minimizing risks of coordinated power exercise in the LPG distribution market.
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The technical note from CADE also states that it requires more information from market agents and the National Agency of Petroleum (ANP) and also time for the presentation of any economic efficiencies derived from the operation and their sharing with the consumer.
The first sale of Liquigás had already been vetoed by CADE after the agency declared the negotiation with the Ultra group as “complex.” Still during Pedro Parente’s management at Petrobras, the R$ 2.8 billion operation was closed in 2017 and was vetoed by the agency in March 2018, resulting in a fine exceeding R$ 200 million and prompting a change in the new sale proposal.
Petrobras announced last November the sale of Liquigás to the group formed by Copagaz, Itaúsa, and Nacional Gás Butano. According to the company, the consortium’s offer of R$ 3.7 billion was the best made for the participation in the distributor.
