Friday, March 22, 2019

After Cade's veto, Petrobras resumes Liquigas ' offer to the market

Petrobras has hired a bank to back sell the Liquigas-Doimo, according to three sources familiar with the matter. This time, the Spanish Santander took over the mandate and investors will begin to receive campaign materials for sale. Offered to the market for the first time in 2016, as part of the divestment plan of Petrobras, after heavy losses recorded by the oil company with the energy policy adopted during the Government of Dilma Rousseff, the gas canister kitchen Division attracted several interested. Among them, the Ultra Group (owner of Ultragaz), the Supergasbraz and the Copagaz, besides the Turkish Aygas. The hammer was eventually beaten to the Ultra group, which offered R $2.8 billion for the business, in November of that year. At the beginning of 2018, however, the Administrative Council for economic Defense (Cade) barred the acquisition. Market leader, Ultragaz would increase your participation to more than 60% in some States with the purchase of the Liquigas-Doimo, who is Deputy leader. New strategy according to people close to the matter, Petrobras is focusing on attracting mainly interested foreigners to avoid the process is again barred. The chance of slicing and dicing of the Liquigas-Doimo by States, as was once suggested, was discarded. Groups from France, Turkey and China would be interested by business as well as major investment funds. The estimate of those involved is that the value of the new sales process exceeds R $2.8 Ultra desembolsaria billion previously. The expectation, however, is contrary to market estimates. According to experts, Ultragaz would pay the overpriced to conquer the market. There is no other company in the same position this time, evidently to avoid similar reaction of Cade. People State-related claim that Petrobras is in a hurry to sell multiple assets and wants to prevent wear, such as injunctions filed against your sales subsidiary, the parent carrier gas (TAG). The offer of 4500 km pipeline network was suspended and then resumed after the decision of the Superior Court of Justice (STJ). The Frenchwoman is the preferred bidder in the Engie process of sale of the asset, which must be one of the main business of the year in the country. Estimates are that the TAG is sold for values between $ $8 and $ $9 billion. Setback this week, the oil company suffered another impact on their accounts, with the decision of the Administrative Council of tax appeals (Carf) to keep the ticket revenue of R $2.2 billion, relating to the collection of contribution in the field Economic (Cide) about the rent of platforms in 2009. Carf's decision would put extra pressure for the business planned for this year were accelerated, although the State already has said it intends to appeal to the judiciary. In the Ultra group, targeting in search of new business was back to other areas. André Pires, CFO and investor relations of Ultrapar said Thursday, 21, that the company still sees investment opportunities in the country in various sectors in 2019, "but, at the moment, the company is only monitoring". According to him, the projection is supported in his own economic recovery expected for Brazil, which should encourage business. "The opportunities that appear are not similar to what we had in the past," he said. The Ultra group was forced to pay a fine of RS $280 million due to the veto of the Cade to the business. Wanted, Petrobras and Santander did not comment. /COLABOROU CRISTIAN FAVARO
O Estado de S. Paulo - 22/03/2019 News Item translated automatically
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