Brazilian Ultrapar confirms negotiation to sell subsidiary Oxiteno to Indorama

RIO DE JANEIRO, BRAZIL – Brazil’s fourth-largest company Ultramar confirmed on Wednesday, June 16, that it is in exclusive negotiation with Indorama Ventures for the eventual sale of its chemical division Oxiteno.

The conglomerate said, however, that at this moment there is no contract or any purchase and sale commitment signed between the parties, according to the statement sent to the Securities and Exchange Commission (CVM).

Ultra is a Brazilian company operating in the sectors of fuel distribution, through Ipiranga and Ultragaz; in the production of specialty chemicals, through Oxiteno; in the storage of liquid bulk, through Ultracargo, all of which are subsidiaries entirely controlled by Ultrapar holding.

The company is publicly traded under the name Ultrapar on São Paulo’s stock exchange and on New York’s (NYSE).

Ultra is Brazil’s fourth-largest company, and according to the yearly publication Valor 1000 of the Brazilian newspaper Valor Econômico, its net revenue in 2013 was R$ 60.9 billion reais.

Ultra is among the 500 largest companies in the world, according to a ranking prepared by Fortune magazine in 2014.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error