BRASILIA, Aug 2 (Reuters) - The rapporteur at Brazil’s antitrust watchdog for the acquisition of fuel distribution company Alesat Combustíveis by rival Ultrapar Participações SA defended the rejection of the deal on Wednesday.
João Resende said Ale, as the company is known, did not agree to a proposal to sell assets in 12 states to get the approval. Ultrapar’s fuel distribution unit Ipiranga announced the acquisition in June for 2.17 billion reais ($696 million). Ultrapar shares fell 0.7 percent after the news.
$1 = 3.1201 reais Reporting by Leonardo Goy; Writing by Tatiana Bautzer; Editing by Bernadette Baum