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CNNMoney.com: Petrobras, Shell Bid To Buy ExxonMobil’s Brazil Assets-Report

January 25, 2008: 07:55 AM EST

RIO DE JANEIRO -(Dow Jones)- Brazil’s state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, Royal Dutch Shell PLC (RDSA) and at least three other companies have made proposals to buy ExxonMobil Corp.’s (XOM) Brazilian downstream assets, the Valor newspaper reported Friday.

ExxonMobil, under the Esso brand, holds 7.2% of the Brazilian fuel distribution market, the newspaper said, which is worth about $700 million.

Media reports in Brazil and Argentina for months have said that Petrobras is in talks to buy ExxonMobil’s South American downstream assets, but the company so far hasn’t confirmed the talks.

Valor reported Petrobras and Shell were only interested in ExxonMobil’s Brazilian assets.

Brazilian fuel and petrochemicals company Ultrapar Participacoes SA (UGP), or Ultra, and Brazilian fuel distributor AleSat, according to the newspaper, also have handed in proposals to buy ExxonMobil’s Brazilian downstream assets.

Brazilian investment fund GP Investimentos has made proposals for all of ExxonMobil’s South American assets, Valor reported.

None of the companies has confirmed the proposals, with Shell saying it doesn’t comment on speculation, the newspaper added.

-By Bernd Radowitz, Dow Jones Newswires; +55-11-8193-5722; [email protected] dowjones.com

  (END) Dow Jones Newswires
  01-25-08 0755ET

  Copyright (c) 2008 Dow Jones & Company, Inc.

http://money.cnn.com/news/newsfeeds/articles/djf500/200801250755DOWJONESDJONLINE000514_FORTUNE5.htm

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