Ultrapar Participacoes S.A.NYSE
Thu, Nov. 17, 6:56 PM
- Petrobras (PBR, PBR.A) approves the sale of its liquefied petroleum gas unit to Ultrapar Participações (NYSE:UGP) for 2.8B reais ($819M), confirming earlier reports.
- The market considered the price tag on the high side; PBR preferred shares, the company's most widely traded class of stock, closed 3.2% lower after gaining as much as 3% during regular trading.
- Analysts at Banco BTG Pactual and Banco Brasil Plural say the deal will be subject to tough scrutiny by Brazil's government antitrust agency CADE.
Mon, Jun. 13, 12:58 PM
- Ultrapar (UGP +3.7%), Brazil's second-biggest fuel distributor, jumps ~4% after agreeing to acquire smaller peer Alesat Combustíveis for 2.17B reais ($635M) in a move that makes it more competitive with Petrobras' (PBR -2.8%) distribution unit.
- UPR’s Ipiranga fuel distribution unit already had more than 7,200 gas stations across Brazil, and the combined company adds another 2K stations to bring its market share near 18%, approaching PBR's market leading BR Distribuidora's nearly 20% market share from 7,500 service stations.
- PBR has said it wants to sell at least 25% of its distribution unit to a strategic partner as part of its plan to sell $15B of assets to pay down debt.