Brazil's fines LPG cos over price fixing, cartel formation
Petroleumworld 09 07 2017
Brazil's antitrust watchdog Cade has signed agreements with the largest petroleum gas distributors to settle charges that the companies formed a cartel and colluded to fix prices in the Northeastern and Center-West regions of the country.
Liquigas Distribuidora SA, a subsidiary of state-controlled oil company Petroleo Brasileiro SA, agreed to pay 65 million reais ($21 million) in fines and committed to end the cartel practices.
In the Center-West region case, rival Companhia Ultragaz SA, owned by Ultrapar Participações SA will pay a 2 million real fine.
Last month, Cade blocked the tie-up between the two rival firms fined on Wednesday. Ultrapar Participações had agreed last year to acquire Liquigas for 2.8 billion reais.
The Liquigas deal was part of a large Petrobras asset sale program aiming to reduce the oil company's debt. ($1 = 3.1065 reais)
Reporting by Tatiana Bautzer; Editing by Marguerita Choy from Reuters.
09 06 2017
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