The agreement was proposed by Itaúsa, Copagaz and Nacional Gás and aims to meet the competitive concerns identified by CADE
Petrobras headquarters in Rio de Janeiro. (Credit: Eric and Christian/Wikipedia.org)
Petrobras, following up on the release disclosed on November 19, 2019, informs that the Administrative Council for Economic Defense (CADE), in a Court session held on this date, approved the sale of Liquigás Distribuidora S.A. (“Liquigás”), a wholly-owned subsidiary of Petrobras, to the acquiring group composed of Itaúsa S.A. (Itaúsa), Copagaz – Distribuidora de Gás S.A. (Copagaz) and Nacional Gás Butano Distribuidora Ltda. (Nacional Gás), by signing an agreement (Agreement on Concentration Control – ACC).
The agreement was proposed by Itaúsa, Copagaz and Nacional Gás and aims to meet the competitive concerns identified by CADE.
The decision will be published in the Federal Official Gazette according to CADE’s regulatory term.
In addition to this approval, the conclusion of the transaction is still subject to compliance with other usual precedent conditions. The amount of R$ 3.7 billion, subject to adjustments, will be paid to Petrobras on the transaction closing date.
Source: Company Press Release