Ultra Buys Texaco Brand in Brazil

Oxiteno parent company Grupo Ultra (Sáo Paulo) has agreed to purchase the Texaco brand fuels marketing business in Brazil from Chevron. Ultra will pay about $720 million for the division. Ultra purchased some of the fuel distribution assets of Brazilian fuels and chemical firm Ipiranga last year. The Texaco purchase combined with the Ipiranga assets will create a network of more than 5,000 service stations, about 23% of the Brazilian market, Ultra...

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