RIO DE JANEIRO, March 2 (Reuters) – Brazil’s state-controlled oil company Petroleo Brasileiro SA has decided to launch an initial public offering for its Liquigas gas distribution unit after competition watchdog Cade vetoed its proposed sale to Ultragaz, a local paper reported on Friday.

The IPO, with a secondary public offering of shares, could raise more than the 2.8 billion reais ($859.34 million) that Ultragaz had offered to pay, Folha de Sao Paulo reported, citing sources.

Petrobras did not immediately respond to a request for comment.

($1 = 3.2583 reais) (Editing by Jeffrey Benkoe)





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