Brazil's state-owned oil and gas company Petrobras announced on Thursday it will revise fuel distribution strategies after it failed in the acquisition of Exxon Mobil's assets in the country (Esso Brasileira de Petroleo).
"Due to the upcoming circumstances, we have to consider again which will be the steps we will take from now on," Petrobras Director of Supply Paulo Roberto Costa said, referring to the acquisition of Esso's distribution chain by ethanol producer Cosan, headquartered in Sao Paulo.
Costa said the company will keep promoting its participation in the market, in which it operates through subsidiary BR Distribuidora.
The executive did not mention the figures involved in the strategy change. According to sources from the financial market, Petrobras offered 1 billion U.S. dollars for Esso, but Cosan accomplished the purchase for 826 million dollars.
If the figures are confirmed, Petrobras would have probably committed a major error in negotiations, analysts said, which could have led to a refusal of the proposal although the company's offer was higher than Cosan's.
"I cannot make comments on that because I did not have access to the amount offered by Cosan. It was a decision of the selling party," Costa said.
Additionally, Costa did not touch on Petrobras' intention to acquire Exxon Mobil's assets in Chile and Uruguay. Exxon Mobil is currently ceasing its activities in Latin America.
"We will have to consider that possibility, but we cannot talk about it, which is another issue," he said.
Source: Xinhua
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