LA NOTICIA DENTRO

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ESCRITO POR: djrubio Carcajada

[19:51 19/mar/2007]

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TEMA: LA NOTICIA DENTRO

Petroleo Brasileiro SA and chemical company Braskem SA will pay about US$2.4 billion (euro1.8 billion) in cash, and fuel distributor and refiner Grupo Ultra will issue new shares for the rest, said Percio de Souza, an adviser to the three purchasers.

Minority shareholders of Grupo Ipiranga will have the option of taking the shares or cash. When the complex transaction is completed, the value of the deal will be "close to US$4 billion," the buyers said. De Souza did not disclose the amount of debt that Ipiranga holds.

In a statement, the buyers called the deal "an important step in the reorganization and consolidation of a fundamental sector for Brazilian economic growth." Investors sent Braskem shares soaring after the deal was announced, and Petrobras shares also rose.

The three firms will divvy up Ipiranga's operations, with Ultra taking over Ipiranga's fuel and lubricants business in Brazil's populous south and Petrobras absorbing the business in northern, northeastern and central Brazil.

Petrobras chief executive Sergio Gabrielli downplayed media speculation that the deal could face a tough ride with Brazilian regulators concerned that the purchase could give the state company too much power over fuel distribution.

While Petrobras controls nearly 34 percent of Brazil's distribution network now, the number will rise to 38 percent under terms of the deal, Gabrielli said.

Braskem and Petrobras will divide Ipiranga's petrochemical assets, splitting them 60 percent to 40 percent in Braskem's favor.

Ipiranga's oil refining assets will be split equally between Petrobras, Ultra and Braskem, which is controlled by Petrobras and by Constructora Norberto Odebrecht SA, Brazil's largest construction company.

Ipiranga is controlled by five families who will be bought out in a first stage of the transaction, the statement said. An offer will then be made for Ipiranga shares owned by minority stakeholders.

Ipiranga has 4,240 gas stations around Brazil -- second only to Petrobras -- and produces 650,000 tons of petrochemical resins annually.

The company had 2006 revenue of US$14.3 billion (euro10.8 billion) and earnings of US$254.3 million (euro191.2 million).

Braskem's American depository shares jumped 16.1 percent on the New York Stock Exchange after the deal was announced, or US$2.08 (euro1.56), to US$14.96 (euro11.25). Petrobras' American depository shares rose 1.9 percent, or US$1.60 (euro1.20), to US$87.78 (euro65.99).

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