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Petrobras confirms Itausa group highest bidder to buy LPG unit -filing

Monday, 26 August 2019 | 00:00

A group led by investment firm Itausa Investimentos SA has presented the highest bid to buy Brazilian state-owned oil company Petroleo Brasileiro SA’s liquefied petroleum gas (LPG) unit Liquigas, according to a securities filing.

Petrobras, as the company is known, said in a filing late on Friday the group headed by Itausa, which also includes local distribution companies Copagaz and Nacional Gás Butano, would be invited for contract negotiations.

Reuters reported earlier on Friday that the Itausa group had won the bidding, citing two people with knowledge of the matter. Petrobras expects to sign a final agreement to sell Liquigas Distribuidora SA by November, one of the people said.

The filing did not give a value for the winning bid.

Petrobras sold its LPG unit to local rival Ultrapar Participações SA for 2.8 billion reais ($687.3 million) in 2016, but the deal was blocked by antitrust regulator CADE.
Source: Reuters (Reporting by Paula Arend Laier Writing by Jake Spring; Editing by Tom Brown)

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