19 March 2007 15:26 [Source: ICIS news]
TORONTO (ICIS news)--Brazil’s Petrobras confirmed on Monday that it reached an understanding with Ultra Group and Braskem to purchase Ipiranga Group's businesses in a transaction worth about $4bn, one of the largest such deals in Brazil ever.
Ipiranga Group operates an oil refinery and has businesses in the petrochemical and fuel distribution sectors, Petrobras said in a statement.
The deal would further drive the growth of Brazil's petrochemicals major Braskem which aims to become one of the 10 largest international petrochemical companies, the statement said.
Braskem would acquire 60% of Ipiranga Group assets in the petrochemical sector, with the remaining 40% to be acquired by Petrobras, it added.
Petrobras outlined a five-step procedure to complete the transaction which was subject to a number of regulatory approvals, it said.
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