The General Superintendence of the Administrative Council for Economic Defense (Cade) approved, without restrictions, the acquisition of the Isaac Sabbá Refinery (Reman), currently owned by Petrobras, by Ream Participações, from Grupo Atem.
Cade’s authorization for the acquisition by Atem was anticipated by sources on Thursday (12).
Located in Manaus (AM), Reman is one of eight refineries that Petrobras put up for sale as part of an obligation under the Cessation Commitment Term (TCC) signed with Cade in 2019. One of the objectives of the TCC is to encourage competition in the refining sector in the country.
The agreement to divest Reman was announced in August 2021.
According to an analysis by Cade’s superintendence, the sale of Reman will result in the combination of two links in the production chain, since the Atem Group already operates in the distribution of liquid fuels (gasoline C and diesel B).
In the opinion of the body, no incentives were identified for Grupo Atem to engage in closing inputs to competitors in the distribution link, as there is a high investment made in the refinery that will need to be recovered, in addition to alternatives for distributors to acquire inputs from other sources .
With regard to the LPG (cooking gas) sector, Cade said that there were no possibilities of market concentration, since the Atem Group does not operate in the production or distribution of this product.
The operation also includes the transfer of logistics assets, such as pipelines and a waterway terminal (TUP Reman).
If CADE’s Tribunal does not invoke the merger for analysis or there is no appeal by an interested third party, within 15 days, the decision of the superintendence will be final and the transaction will be definitively approved by the antitrust agency.
Source: CNN Brasil
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