The Brazilian bankers who joined forces last decade to form Latin America’s largest lender are seeking to buy control of the country’s giant fuel distribution business from Petroleo Brasileiro SA, people with direct knowledge of the matter said.
The Setubal and Vilella families’ Itausa – Investimentos Itau SA and the Moreira Salles family’s Cambuhy Investimentos Ltda. are planning to make a joint bid for a controlling stake in Petrobras’s BR Distribuidora in a deal that could reach $6 billion, the people said, asking not to be identified because the discussions are private. Vitol Group of Cos., the world’s largest independent oil trader, as well as private equity firms GP Investimentos SA and Advent International Corp., are also considering an offer, the people said.
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