27 October 2011 00:24 [Source: ICIS news]
SAO PAULO (ICIS)--Brazil’s Ultrapar Participacoes acquired 100% of the shares in Repsol’s local liquefied petroleum gas (LPG) business - Repsol Gas Brasil - for reais (R) 50m ($28.4m, €20.4m), Ultrapar said on Tuesday.
The deal was made through the company’s subsidiary Companhia Ultragaz, Ultrapar added.
Repsol Gas Brasil distributes LPG exclusively and has a 1% market share in the country’s LPG segment, according to Ultrapar.
The acquisition will strengthen Ultrapar’s logistics and management areas, the company said.
Repsol’s sales in Brazil totalled 22,000 tonnes of LPG in the last 12 months, according to the company.
The operation will be presented for approval by the local regulation authorities, Ultrapar added.
($1 = R1.76) ($1 = €0.72)
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