Petróleo Brasileiro S.A. - Petrobras (BOVESPA:PETR4) has delayed the delivery of non-binding proposals for its LPG unit to June 11, 2019, three people with knowledge of the matter said. Initially, Petrobras had set the delivery date for non-binding proposals to acquire Liquigás Distribuidora S.A. to June 6, 2019. But Petrobras decided to postpone the delivery to wait for Brazil's Supreme Court ruling on the need of congressional approval for the sale of subsidiaries.

The judges decided on June 6, 2019 that no approval from Congress is needed. Among the investors interested in acquiring Liquigas are Advent International Corporation, Warburg Pincus LLC and CVC Capital Partners Limited. Advent and Warburg Pincus are expected to bid alone for Liquigas, at least in the first round.

CVC is in talks with an undisclosed strategic partner to form a consortium. Itaúsa - Investimentos Itaú S.A. (BOVESPA:ITSA4) is in talks with COPAGAZ Distribuidora de Gás S.A. on a potential joint bid, two sources said. Copagaz has already discussed partnerships with other funds but talks did not evolve, the sources added.

Other financial firms expected to bid are Mubadala Investment Company. Aygaz Anonim Sirketi (IBSE:AYGAZ) - AYGAZ A.S., which has joined the Liquigas sale process, is also expected to deliver a bid. Ultrapar Participações S.A. (BOVESPA:UGPA3) was considering a bid in a consortium, but it was not clear if it would make one.

Direct competitors with more than 10% of market share in the Brazilian LPG distribution market cannot have a stake in the consortium higher than 30% of Liquigas revenue. Petrobras, Advent, Warburg Pincus, CVC, Aygaz, Ultra, Mubadala and Copagaz did not comment on the matter.