Brazilian natural gas and power utility Eneva SA (BOVESPA:ENEV3) has submitted a proposal for a tie-up with local energy company Vibra Energia S.A. (BOVESPA:VBBR3) but the latter has rebuffed the offer. While Vibra appreciates Eneva's interest, the company believes that the indicated exchange ratio is ?unjustifiable? and the terms of the proposed deal ?do not have any attractiveness for Vibra's shareholders,?

the target company said in a statement on November 28, 2023. The non-binding offer envisaged an exchange ratio that would have seen for the group of shareholders of each company to have a 50% interest in the enlarged entity. A potential combination could create the third largest power energy company listed in Brazil in terms of market capitalisation, the suitor had noted in its statement.