This excerpt taken from the PBR 6-K filed Dec 18, 2008.
Approval of Ipiranga Acquisition
(Rio de Janeiro, December 17, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the Administrative Council for Economic Defense (CADE) approved Petrobras acquisition of Ipiranga Group assets. The acquisition involves the assets related to the following businesses: (i) fuel, lubricant and grease distribution and resale business in Northern, Northeastern and Midwestern Brazil, and (ii) asphalt production and distribution nationwide.
The Council acknowledged unanimously that competitiveness dynamics has been preserved in the markets involved in the operation. However, conservatively, it conditioned the approval to Petrobras signing a Term of Performance Commitment (TPC) with the CADE.
In the TPC, Petrobras committed to (1) transfer the ideal fraction acquired in the Brazilian Federal Districts distribution base; (b) assign to possible interested parties part of the capacity of the Campo Grande and Alto Taquari fuel distribution bases, in the States of Mato Grosso do Sul and Mato Grosso; (c) allow Ipiranga flag retail service stations in 21 selected municipalities to terminate their fuel supply agreements in advance; and (d) maintain non-discriminatory treatment in the provision of basic asphalt production inputs.
With the decision, the CADE completed the approval of the widest-ranging operation involved in the acquisition of all of Ipiranga Groups business by Petrobras, Ultrapar Participações S.A. and Braskem S.A., carried out on March 18 2007.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 18, 2008
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