13 November 2007 23:46 [Source: ICIS news]
HOUSTON (ICIS news)--Brazil’s Ultrapar Participacoes on Tuesday said it would offer company stock in exchange for full ownership of the Ipiranga group’s oil division companies, which it already controls.
“This [current] shareholder structure compromises the operational, administrative and shareholder efficiency of these companies,” Ultrapar said in a Portuguese language stock exchange announcement explaining the proposed transaction.
Ultrapar earlier this year announced the acquisition of a controlling share in Cia. Brasileira de Petroleo Ipiranga, Distribuidora de Produtos de Petroleo and Refinaria de Petroleo Ipiranga as part of the acquisition of the Ipiranga group by a consortium with state-run Petroleo Brasileiro (Petrobras) and Braskem.
Now the company seeks full ownership of the refining and fuel distribution companies from non-controlling Brazilian shareholders.
Ultrapar called a shareholders meeting for 18 December to discuss and vote on the proposal.
The acquisition is planned as part of the restructuring of Ipiranga’s business units along three basic lines: Braskem would take over the petrochemical business while Ultra would take over refining and distribution in the south, while Petrobras would take over refining and distribution in the north.
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