Vibra Energia, one of Brazil’s largest lubricant suppliers, recently rejected a merger offer from Eneva, calling the proposal insufficient.
But Vibra said it would consider better offers, and the company reportedly has since retained an advisor for evaluating such solicitations.
Eneva, which is headquartered in Rio de Janeiro, is a large natural gas supplier and electricity generator. In late November it proposed a combination that would have given the shareholders of each company a 50% stake in the new business. At that time Eneva had a market capitalization of 20.7 billion reais (U.S. $4.2 billion), while Vibra’s was 25.9 billion reais.
Vibra, which is also based in Rio de Janeiro, announced Nov. 28 that its board of directors had rejected the offer after concluding that it was inadequate. Its announcement stated that directors would consider future offers from Eneva or other suitors, in line with their fiduciary responsibilities.
Bloomberg reported Dec. 20 that Vibra had retained JPMorgan Chase & Co. to advise it on “potential upcoming deals.”
Vibra is the former fuel and lubricant distribution business of state-owned oil company Petrobras, which spun off the unit in 2021. Vibra continues marketing lubes under Petrobras’ former Lubrax brand and is one of the three largest finished lubricant suppliers in Brazil.