Petrobras To Appeal Antitrust Decision On Ipiranga

Law360, New York (April 19, 2007, 12:00 AM EDT) -- A group led by Brazilian oil company Petroleo Brasileiro will appeal a recent antitrust ruling that prevents it from changing petrochemical company Companhia Brasileira de Petroleo Ipiranga in any way before regulatory approval of its buyout deal.

Last month, Petroleo Brasiliero SA, Braskem SA, and Grupo Ultra announced a $4 billion deal to buy Ipiranga.

Under the terms of the deal, the three companies will divide Ipiranga's operations. Grupo Ultra will take over Ipiranga's fuel and lubricants business in south and southeast Brazil, while Petroleo Brasiliero–also...
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