May 27, 2019 / 11:38 AM / 20 days ago

Petrobras sets June deadline for Liquigas non-binding offers: source

SAO PAULO, May 27 (Reuters) - Brazilian state-controlled oil company Petroleo Brasileiro SA has set a June 7 deadline to receive non-binding proposals for its liquefied petroleum gas (LPG) distribution unit Liquigas, one source with knowledge of the matter said.

Petrobras, as the oil company is known, has been selling assets to reduce debt and re-focus on offshore exploration and production.

This is Petrobras’ second attempt to sell Liquigas. In 2016, Petrobras agreed to sell it to Ultrapar Participações SA for 2.8 billion reais ($696 million), but the deal was blocked by Brazil’s antitrust watchdog Cade.

The investment banking unit of Banco Santander Brasil SA has been hired to manage the sale of Liquigas, as Reuters reported in February.

Brazilian newspaper Valor Economico earlier reported the deadline for the submission of non-binding proposals.

($1 = 4.02 reais)

Reporting by Carolina Mandl; Editing by Andrea Ricci

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