CGU’s report says Petrobras deal to acquire Pasadena was overpriced
( December 17, 2014, 19:54 GMT | Official Statement) -- MLex Summary: A report from the Brazilian Inspector General's Office (CGU) says the deals Petrobras made to acquire Pasadena Refining System, a Texas-based oil refinery, in 2006 and 2008, were overpriced at about $659 million. The report said contractual terms were disadvantageous to Petrobras — without equally sharing the risks of the transaction — and favorable for the Belgian company Astra Oil, former owner of the refinery. The report was sent Tuesday to Petrobras to allow the company to seek compensation for damages. The report was also provided to the Brazilian parliament's inquiry into Petrobras cartel case.Read CGU's full statement below (in Portuguese):...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.