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Braskem, Petrobras, and Ultra Buy Ipiranga Group

1:43 PM MDT | March 28, 2007 | Kara Sissell

Three of Brazil’s largest chemical makers will acquire the Ipiranga Group (São Paulo), a petrochemical, refinery, and fuel distribution firm with 2006 sales of R30 billion ($14.3 billion). Braskem (São Paulo), Petrobras (Rio de Janeiro), and Oxiteno parent company Ultra Group (São Paulo) will spend a total of about $4 billion for Ipiranga’s assets. The companies did not disclose how much debt Ipiranga holds. Braskem (São Paulo) will acquire 60% of Ipiranga’s petrochemical assets, with Petrobras picking up the...

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