December 18, 2017 / 2:10 PM / a year ago

Brazil regulator unit recommends approving sale of Petrobras cos

RIO DE JANEIRO, Dec 18 (Reuters) - Petroleo Brasileiro SA’s proposed sale of two units to Mexican petrochemical concern Alpek has received a recommendation for approval from Brazilian antitrust watchdog Cade’s technical staff, the state-controlled oil company said on Monday.

Petrobras, as the Brazilian company is known, said the recommendation will be submitted to Cade’s court, which will make the final decision.

Regulatory approval for the sale of petrochemical maker Companhia Petroquímica de Pernambuco and textile manufacturer Companhia Integrada Têxtil de Pernambuco will require measures to mitigate competition concerns arising from the transaction, Cade said in a separate statement on Monday.

The agency said the deal might hamper competition in the market for purified terephthalic acid, which is used in polyester production. (Reporting by Alexandra Alper; Editing by Lisa Von Ahn)

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