Brazil's Regulator Approves Petrobras Sale of Gaspetro Stake

Brazil's antitrust watchdog on Wednesday approved the sale of state-run oil firm Petrobras' 51% stake in gas company Gaspetro with no restrictions, Reuters reported. Petrobras is selling the stake to Compass, which is controlled by energy company Cosan, for 2.03 billion reais ($394.15 million), according to a statement from Compass when the deal was announced last July. Japan's Mitsui & Co. owns the remaining 49% stake in Gaspetro, a holding company which controls 18 distributors of piped natural gas. The watchdog's Wednesday decision came on a 4-3 vote. The three members who voted against had sought for the sale to be approved with restrictions such as the sale of 12 of Gaspetro's 18 distributors. In March, the regulator's general superintendent recommended that the deal be approved with no restrictions, saying "the post-deal scenario is better for the competitive environment than the pre-deal one." Read more.