November 19, 2020 |
Brazil's antitrust agency CADE said Wednesday that it attached conditions to the sale of Petrobras' liquefied petroleum gas (LPG) subsidiary, Liquigás, to maintain competition in the market.
A group led by Itaúsa presented a winning bid for BRL3.7 billion ($690 million) to buy Liquigás in November last year. Itaúsa, a holding company based in São Paulo, partnered with the local LPG companies Copagaz, Nacional Gás and Fogás to present the offer.
In approving the sale, CADE ordered Itaúsa and its
Brazilian antitrust agency orders Itaúsa-led group to form two holding companies to divvy up LPG assets