Mexican business group Grupo Alfa has taken a major plunge in its attempts to settle into Brazil’s energy and petrochemical market, making a bid to purchase Saupe, a petrochemical firm owned by troubled oil giant Petrobras.
The acquisition deal hinges on the approval of local competition agency CADE. The agency is expected to impose a series of compromises and restrictions on the merger, valued at $700 million USD.
Suape is one of many troubled companies owned by Petrobras, with over two years of million-dollar losses. Alfa would operate inside Brazil under its Alpek brand, which already controls some petrochemical plants in the south of Brazil.
Full Content: La Política Online
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