The General Superintendence of the Administrative Council for Economic Defense (Cade) reported this Tuesday (8) that it has approved, without restrictions, the acquisition of 51% of the voting and total share capital of Gaspetro, currently owned by Petrobras, by Compass Gás and Energy.
The decision is contained in an order issued this Monday (7th) and which will still be published in the Official Gazette of the Union (DOU).
Gaspetro is a holding company with equity interests in 18 companies that operate in the distribution of piped gas in several Brazilian states. Currently, the company belongs to Petrobras, which has 51% of the share capital, and to the Mitsui Group, which holds the other 49%.
Compass, on the other hand, belongs to the Cosan Group and has electricity trading operations and natural gas distribution through Companhia de Gás de São Paulo (Comgás).
In a note, CADE’s General Superintendence explains that the operation is the result of an obligation assumed by Petrobras with CADE under the Cessation Commitment Term (TCC), signed in July 2019.
The TCC establishes a series of measures to stimulate competition in the natural gas market, until then almost entirely exploited by the state-owned company.
“Among the determinations provided for in the agreement, Petrobras committed to sell its indirect equity interest in distribution companies, either by selling its shares in Gaspetro, or by seeking to sell Gaspetro’s interest in the distribution companies”, exemplifies the note.
After analysis, the Superintendence says that it concluded, among other aspects, that possible vertical integrations resulting from Gaspetro’s participation in distribution companies would not be sufficient to characterize the harmful potential of the merger, “and that the consolidation of Petrobras’ exit from the distribution link in this sector represents a gain in the competitive environment”.
“If CADE’s Tribunal does not invoke the merger for analysis or there is no appeal filed by an interested third party, within 15 days, the Superintendence’s decision will be final and the transaction will be definitively approved by the antitrust agency,” he explains. the institution’s note.
Source: CNN Brasil
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