Petrobras backpedals on fertilizer deal with Russia's Acron

Petrobras backpedals on fertilizer deal with Russia's Acron

Corporate & Sovereign Strategy Economy & Policy Equity M&A Brazil Capital Markets Energy

  Brazil's state-owned oil company Petrobras said it has pulled out of an agreement to sell a fertilizer plant to Russia's Acron Group because of differences over the business plan. "[T]he business plan proposed by the potential purchaser, in replacement of the original project, made certain governmental approvals unsuccessful which were required to the continuation of the transaction," Petrobras said in a securities filing on Thursday. The state-owned company added that it plans to start a new

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