Brazil: CVC Capital, Itausa interested in Petrobras LPG distribution unit

CVC Capital Partners and Brazilian investment firm Itausa Investimentos Itau are among the groups interested in an LPG distribution unit put on the block by Brazil’s Petrobras, reported Reuters.

Petroleo Brasileiro, as the state-controlled oil company is formally known, expects interested parties to sign confidentiality agreements, the first step to participate in the sale process of Liquigas Distribuidora, by April 19.

Petrobras had agreed in 2016 to sell Liquigas Distribuidora to local rival Ultrapar Participacoes in a 2.8 billion-real ($720 million) deal, that was blocked by Brazil’s antitrust watchdog CADE in February 2018.

The rules, revised earlier this week, demand from rivals with more than 10% of market share in the Brazilian LPG distribution market cannot have a stake in the consortium that is higher than 30% of Liquigas’ revenue.

Full Content: Reuters

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