Brazil's Petrobras restricts rivals in sale of LPG gas unit
RIO DE JANEIRO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said on Friday it had kicked off a second attempt to sell its liquefied petroleum gas (LPG) distribution unit and restricted local rivals in a potential deal to avoid blocking by antitrust authorities. Petrobras said in a filing it had begun the sale process for Liquigas Distribuidora SA.
RIO DE JANEIRO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA said on Friday it had kicked off a second attempt to sell its liquefied petroleum gas (LPG) distribution unit and restricted local rivals in a potential deal to avoid blocking by antitrust authorities.
Petrobras said in a filing it had begun the sale process for Liquigas Distribuidora SA.
In February, Reuters reported that Petrobras had hired the investment banking unit of Banco Santander Brasil SA to revive the sale.
Petrobras' management has made asset sales the core element of its bid to pay down debt and re-focus on exploration and production. Next week, the company is due to receive final bids for its TAG pipeline unit, which is expected to fetch several billions dollars.
Petrobras had agreed in 2016 to sell Liquigas Distribuidora to local rival Ultrapar Participacoes SA in a 2.8 billion-real ($720 million) deal, that was later blocked by Brazil's antitrust watchdog Cade in February 2018.
Petrobras restricted the participation of rivals with more than 10 percent of market share in the Brazilian LPG distribution market, according to documents filed on Friday.
Companies in such conditions may only participate in a consortium, and may not individually have a stake higher than 40 percent of the unit revenue.
Financial investors, the main target of the new process due to antitrust concerns, need to have at least $1 billion in assets under management.
According to Petrobras, Liquigas Distribuidora operates in 25 of 26 Brazilian states, with 23 operating centers and 4,800 authorized re-sellers.
(Reporting by Tatiana Bautzer and Gram Slattery; editing by Chizu Nomiyama and David Gregorio)
This story has not been edited by Firstpost staff and is generated by auto-feed.
By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States
BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.