The Administrative Council for Economic Defense (Cade) authorized the purchase of 50% of Belem Bioenergia Brazil under the control of Petrobras for Portuguese Galp. The authorization of the organ was announced by the Official Gazette of the Union on Monday, 2.
Galp already held the other 50% of participation, and now, after Cade's endorsement, became the sole shareholder of the biofuel company. The Council also argued that the business will have "positive implications for the market from a competitive perspective", by reducing the concentration of Petrobras in the sector.
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