Petroleo Brasileiro SA has given up on the idea of selling its Brazilian liquefied petroleum gas (LPG) unit through an initial public offering (IPO) and decided to reopen a sale process, three people with knowledge of the matter said.
The state-controlled oil company has not yet set a date for interested companies to deliver bids and is still discussing the best way to avoid problems with antitrust authorities, the sources added, asking for anonymity because talks are private.
Petrobras, as the company is known, has sounded out banks and investors for a potential IPO of Liquigas Distribuidora SA, but advisers said it would be a hard sell, especially to international investors, according to the sources. Read More
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