Brazilian oil company Petroleo Brasileiro (known as Petrobras) released new rules for companies that intend to bid for its liquefied petroleum gas (LPG) subsidiary Liquigas Distribuidora, reported Reuters.
Hoping to increase the number of companies bidding, Petrobras reduced the amount of revenue a rival can have compared to Liquigas sales, when in a consortium.
Two weeks ago, Petrobras announced that 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 40% of Liquigas’ revenue.
But according to new rules included in the documents filed on Tuesday, rivals may not have a stake in the consortium higher than 30% of Liquigas revenue, in an attempt to lure more participants to any potential consortium.
Restrictions for rivals are aimed at keeping antitrust authorities from blocking a deal, which happened in Petrobras’ first attempt to sell Liquigas in 2017.
Full Content: Reuters