Indalo Says It’s Among Bidders for Petrobras Argentina

Grupo Indalo, owned by Argentine businessman Cristobal Lopez, said it submitted an offer to buy a stake in Petroleo Brasileiro SA (PETR4)’s Argentine unit.

Indalo’s offer is being considered among other bids that will be opened Jan. 14, Indalo’s press department said yesterday in an e-mailed response to questions.

Petrobras, which is seeking as much as $14.8 billion to fund deep-water oil discoveries in Brazil, restructured its Argentine holdings, including Petrobras Argentina SA (PESA), to separate oil-related assets before a possible sale, according to a company official with knowledge of the sale who asked not to be identified because he wasn’t authorized to speak publicly.

Petrobras’s press office in Rio de Janeiro declined to comment on the Argentine assets in an e-mailed response to questions yesterday.

YPF SA, Bridas Corp., Techint Group’s Tecpetrol SA and Pluspetrol SA are interested in acquiring Petrobras Argentina assets, Argentine newspaper La Nacion reported on Dec. 14, citing six executives involved in the talks whom it didn’t identify. A YPF official said Dec. 12 that his company would bid for any assets that Petrobras offers to sell in Argentina. Alejandro Di Lazzaro, a YPF spokesman, declined to comment.

Petrobras Argentina slumped 2.4 percent to 3.71 pesos at 1:39 p.m. in Buenos Aires after earlier rising as much as 1.8 percent. The stock snapped a nine-day rally that raised its market value to 7.67 billion pesos ($1.55 billion).

Through closely held Indalo, Lopez has built over the past decade a diversified portfolio of assets from oil and agribusiness to casinos and media.

To contact the reporters on this story: Pablo Gonzalez in Buenos Aires at; Rodrigo Orihuela in Rio de Janeiro at

To contact the editor responsible for this story: James Attwood at

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