Brazilian state owned oil company Petróleo Brasileiro SA said a consortium comprised of Itaúsa - Investimentos Itaú SA, Copagaz Distribuidora de Gás SA and Nacional Gás Butano Distribuidoda Ltda. presented the best binding offer for its liquefied petroleum gas distribution unit Liquigás Distribuidora SA, according to an Aug. 23 securities filing.
Petrobras reportedly received three binding offers for the unit and shifted the deadline for proposal submissions after interested parties asked for more time to conduct due diligence on the unit.
The consortium was invited to participate in the negotiation phase of the contracts, according to the filing. The offer amount was not disclosed.
The divestment is part of Petrobras' sweeping plan to sell assets in order to reduce debt and focus on offshore projects.
