A consortium of Brazilian investment firm Itaúsa, Copagaz (Itaúsa group) and Nacional Gás Butano has submitted the best final offer for the acquisition of Petrobras’ LPG distribution unit Liquigas, with a BRL 3.7bn (US$907m) offer. Itaúsa will own approximately 49% in the company. The transaction is subject to approval by the relevant Petrobras bodies and no completion deadline has been announced so far.
Liquigas is active in LPG bottling, distribution and sales. The company is present in almost all Brazilian states, with 23 operative centres, 19 deposits, 1 storage and rail base, and a network of around 4,800 authorized resellers, with a market share of 23%. Debt-laden Petrobras announced the sale of its subsidiary in June 2016, as part of a broader divestment programme. It initially intended to sell Liquigás to Companhia Ultragaz, a subsidiary of Ultrapar Participações, but the transaction was blocked in March 2018 by the administrative council for economic defense (CADE), as it might threaten the competitive markets and might negatively impact consumers.