Deals
JPMorgan Hired to Advise Brazilian Fuel Distributor After Failed M&A Attempt
- Vibra said working with the bank after rejecting Eneva merger
- BTG, Moreira Salles family among main Eneva shareholders
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Vibra Energia SA, Brazil’s largest fuel distributor, has engaged JPMorgan Chase & Co. to advise it in potential upcoming deals after rejecting a proposed merger last month, according to people familiar with the matter.
Vibra is working with the Wall Street bank after rejecting a non-binding proposal to merge with Eneva SA, a power company that counts Banco BTG Pactual SA and the billionaire Moreira Salles family as its main shareholders, said the people, asking not to be named as the talks aren’t public. Its board said last month the proposal wasn’t attractive, and added it would be monitoring any updates in case Eneva wanted to “significantly improve” the proposed terms.