Ultrapar To Pay US$730mn For Chevron's Retail Assets

August 2008 | M&A News Alert

Not a week goes by without activity in Latin America's oil and gas sector, and this week is no exception, as São Paulo-listed fuels and petrochemicals group Ultrapar Participações (Ultra) has agreed to buy US major Chevron's Texaco-branded Brazilian fuel distribution assets for BRL1.16bn (US$730mn). Integrated oil majors appear to be re-evaluating retail operations as high crude oil prices squeeze downstream profit margins, and Ultra's move comes hot on the heels of fellow US major ExxonMobil's decision to sell its Brazilian and Chilean retail assets. CFW thinks further consolidation is possible in the Latin American downstream segment, as distributors seek

If you would like to subscribe to Corporate Financing Week and gain instant access to this article, please click here to subscribe.

If you would like to take a trial to Corporate Financing Week please click on the trial link below.