Mubadala set for exclusive talks with Petrobras to buy Bahia refinery - Reuters:
Abu Dhabi’s investment fund Mubadala Investment Co [MUDEV.UL] will enter into exclusive talks with Petrobras to purchase Brazil’s second-largest refinery, the Brazilian state-owned oil company said in a securities filing on Thursday.
Reuters was the first to report earlier on Thursday that Mubadala was on an inside track to acquire the refinery, known as Rlam, after beating back competition from India’s Essar Group, according to three people close to the negotiations.
Petroleo Brasileiro SA, as Petrobras is formally known, confirmed in a filing that Mubadala had submitted the best offer and was invited to negotiate.
Mubadala will discuss the contract terms with Brazil’s Petrobras in an exclusive negotiation expected to take several weeks, the people said on Thursday, declining to be named as the talks were not public at the time.
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