August 28, 2017 / 9:35 PM / a year ago

Brazil antitrust body recommends rejection of Petrobras gas unit sale

SAO PAULO, Aug 28 (Reuters) - A body of Brazil’s antitrust watchdog Cade recommended on Monday the rejection of the acquisition of a liquefied petroleum gas distribution unit owned by state-controlled oil company Petroleo Brasileiro SA by Ultragaz Participações Ltda.

The watchdog division said in a statement the sale of Liquigas Distribuidora SA should be rejected by Cade´s board because the new player could have excessive regional market power, that would be difficult to solve through divestitures. (Reporting by Tatiana Bautzer)

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