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13 Feb 2018, Paulo Dias, EMIS Editor

Brazil: Regulator approves acquisitions of Petroquimica Suape and Citepe

Cade, the administrative council for Economic Defense, approved the acquisition of the petrochemical businesses Petroquimica Suape and Citepe – owned by Petrobras - by Mexican chemical manufacturing company Alpek SAB de CV.

The deal, now approved by the watchdog council, was made on December 2016 and involved a sum of around BRL 1.2bn. Cade´s OK has a condition in which obliges Alpek to maintain competitive environment on the Brazilian market.

SeeNews Energy has learned that the sale of these two state-owned businesses still has to articulate some closing conditions. Nevertheless, the official go ahead was given by the market regulator.

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