Brazil's Ultrapar taps BTG for possible Ipiranga stake sale, Chevron interest reported

By Isabel Teles and Luciana Magalhaes

SAO PAULO, March 9 (Reuters) - Brazilian conglomerate Ultrapar UGPA3.SA has tapped investment bank BTG Pactual to manage the potential sale of a stake in fuel distributor Ipiranga, two people familiar with the process told Reuters on Monday.

Earlier in the day, Brazil Journal reported that oil producer Chevron CVX.N was in advanced talks with Ultrapar for a 30% stake in Ipiranga. These two sources told Reuters they could not confirm if Chevron was among the potential buyers.

Two additional sources, who requested anonymity because the discussions are confidential, said Ultrapar is seeking to reduce its exposure to fuel distribution.

A potential deal with Chevron would build on an existing relationship between the two companies. Chevron and Ipiranga already have a joint venture in the lubricants business, which one source described as making discussions about Ipiranga ownership "a natural progression."

That same source cautioned, however, that Ultrapar may be exploring options with multiple potential buyers.

Representatives for Chevron, Ultrapar, and BTG declined to comment.

PUSH INTO LOGISTICS

Ultrapar currently plans to reallocate capital toward the logistics sector, one source said, while maintaining operational control of Ipiranga even with a reduced ownership stake, if possible, a second person added.

Bloomberg News reported later on Monday that Ultrapar Chairman Marcos Lutz was engaging in talks, alongside infrastructure fund Perfin, to acquire a 30% stake in Brazilian railway operator Rumo RAIL3.SA.

The companies would acquire their respective stakes from Brazilian conglomerate Cosan CSAN3.SA, the report said, citing sources familiar with the matter.

Cosan declined to comment and Rumo did not immediately respond to a request for comment.