This excerpt taken from the PBR 6-K filed Mar 18, 2008.
Acquisition of Ipiranga Group
On April 18, 2007, Ultrapar, in conjunction with Braskem S.A. and Petróleo Brasileiro S.A. - Petrobras acquired control of companies comprising Ipiranga Group for the amount of U.S.$2,694 million (R$5,486 million) to be disbursed in three installments. On April 18, 2007, Ultrapar, Petrobras and Braskem paid the first installment, as per the purchase and sale agreement signed on March 18, 2007, in the amount of U.S.$1,017 million (R$2,071 million) relative to the controlling shareholders portion of the Ipiranga Group, of which U.S.$365 million (R$743 million) was paid by Petrobras. Ipiranga Group conducts distribution, petrochemical and refining activities in Brazil.
This acquisition is in line with our Strategic Plan and is an important step in the reorganization and consolidation of sectors that are fundamental to the growth of the Brazilian economy.