terça-feira, 20 de fevereiro, 2018

Ultra runs to approve purchase of Liquigas-Doimo and avoid fine of R $280 million

The national Ultra conglomerate, owner of the Ipiranga fuel stations network, runs against the clock to get the approval, even with heavy restrictions, the purchase of the Liquigas-Doimo, which belongs to Petrobras, Ultragaz, Division of cooking gas. The case, which should be judged on day 28, is important both to the State – which is in the process of divestiture of non-strategic assets – as for the Ultra, which seeks to isolate the lead in gas with the transaction. Last August, the Ultra had an important deal barred by the antitrust body: the purchase of the network of Ale by the Ipiranga. The agreement between the distributors of gas is considered a complex operation, because of high market concentration in some regions of the Country. Therefore, the Ultra Group agreed to sign a clause in which Petrobras would receive $280 million R, or 10% of the value of business announced, R $2.8 billion, if the operation is barred by Cade. The bet of the Ultra is high, according to market sources, since traditionally this failure rate, or break-up fee varies from 3% to 5% of the value of the transaction. Announced in November 2016, the process of acquisition of Liquigas-Doimo Ultragaz was competitive, attracting the major Brazilian competitors, as the Dutch Supergasbrás (VHS), national gas, Edson Queiroz Group (branch of the family Jereissati), and Copagaz, the businessman Ueze Zahran, in addition to foreign investors, as the Turkish Aygaz. Active coveted State found that the main competitors in the contest for the Liquigas-Doimo are following closely the next steps of the Cade and have an interest in making an offer for the business, if the operation is barred. The value, however, should be below the offered by Ultra, according to people familiar with the matter. At least two rivals, VHS and Gas National, would face the same problems of concentration of Ultragaz. Sources close to these companies have confirmed interest and said they had "alternatives" to avoid the veto of Cade. Copagaz and Aygaz also are keeping an eye on business, if it is barred. Sought by the story, VHS and Copagaz does not comment. Aygaz and gas national did not return requests for interviews. In the view of lawyer Ricardo Gailard, Cescon, Barrieu, the chances of the deal being approved by Cade are minimal because of the Liquigas-Doimo and Ultragaz. He accompanies the case as interested party, since it represents the Copagaz, one of the defeated in the fight by the Liquigas-Doimo. Negotiations. However, the Ultra group, one of the largest conglomerates in the country, which grossed R $75.6 billion in 2016, not thrown in the towel, according to sources. Petrobras also is defending in Brasilia to approve the deal. The day January 31, the State's Chief Financial Officer, Ivan Mathew, was in Where to discuss the issue. Wanted, Ultra and Petrobras also did not comment. Several alternatives were studied, as informed the associated press/Broadcast in January. Among them are the sharing of forward operating bases and the sale of secondary brands such as Tropigás and Novogás. Another suggested option is to sell the brand Liquigas-Doimo. However, a rule of the national petroleum Agency (ANP) prevents a company use the canister from another competitor-which could derail the sale of brands, as this would require the repurchase of millions of propane tanks across the country. It would be expensive and time-consuming to deliver the tanks with the spelling of the company sold to who to buy the business. The information is from the newspaper O Estado de s. Paulo.
Isto é Dinheiro - 20/02/2018 Noticia traduzida automaticamente
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