Itaú will profit greatly from the sale of Petrobras assets.

"The fact is that Ivan Monteiro left the board of directors of Ultrapar in February 2015, when he took over as financial director of Petrobras."

The Brazilian Association of LPG Distributors (ASMIRG) denounced the fact that Banco Itaú was hired to negotiate the sale of Liquigás by Petrobras, months before the sale of Liquigás.

The problem is that Banco Itaú is a partner of the Ultra group, owner of Ultragáz, the main party interested in the purchase.

At the time, ASMIRG stated:

"The cooking gas sector is warning Brazil about the biggest scam in its history: the sale of the Liquigás Distribution Company, announced in the media, shows the collateral effect of Pasadena on Petrobras. Now, a lean, highly profitable company is being sold for a negligible price."  

And also:

"It is difficult to understand the absence of a conflict of interest in appointing Mr. Ivan de Souza Monteiro, a member of the board of directors of the Ultra group, to the position of Director of Finance and Investor Relations at Petrobras SA. Coincidentally, with the arrival of Mr. Ivan Monteiro, the sale of Companhia Distribuidora Liquigás began, making the process the most advanced and with Companhia Distribuidora Ultragáz as the potential buyer."

The fact is that Ivan Monteiro left the board of directors of Ultrapar in February 2015, when he took over as director of Petrobras.

ASMIRG's protests were to no avail, and Liquigás was sold to Ultragáz for R$ 2,67 billion.  

The Association of Petrobras Engineers (AEPET) conducted a study listing several losses from the sale of Liquigás, of which we highlight the following:

“According to ANP Resolution 15/2005, article 21, each distributor can only fill containers with its brand embossed on them. There are 24,9 million P-13 cylinders with the Liquigás brand in the hands of Brazilian consumers, which effectively constitutes a market reserve, as it is not possible for other distributors to use them without Liquigás's consent. The Ultra Group will have access to this market without investing in new containers. Considering that each new container costs R$ 107, Ultragáz's savings will be R$ 2,66 billion to reach these consumers, almost the value offered by the rest of the company (facilities, brand, etc.). That is, they are getting the company for free.”

 

With the purchase of Liquigás, Ultragáz will hold 50% of the Brazilian cooking gas market, substantially increasing its net worth. This will allow Banco Itaú to divest its stake in the group with substantial profits.   

Last Friday, February 10th, thanks to the excellent work being carried out by the lawyer for Sindipetro-SE/AL, Dr. Raquel Oliveira Sousa, an injunction was obtained suspending the sale of NTS – Nova Transportadora do Sudeste for US$ 5,2 billion.

In fact, the sale should have been finalized a day earlier, on Thursday, February 9th, which would have made granting the injunction impossible.

The deal fell through on Thursday only because Itaú wants a stake between 7% and 9% in the business, according to Bloomberg.

Where does Itaú get the power to interrupt a deal that was practically closed and demand a share of the spoils?

Who granted Itaú preferred client status in the purchase of Petrobras assets?

During the Collor and FHC administrations, banks bought several state-owned companies, which they then resold for double the price. History repeats itself.