Brazil state-run oil giant Petrobras said Tuesday it was considering buying the stake of Italy's Eni SpA in Portuguese rival Galp.
The company said in a securities filing that no binding agreement had been reached and that it routinely looks for investment opportunities in Brazil and abroad.
"Petrobras confirms it is studying the possibility of a potential transaction with Eni, but until now no analysis has been finished just as there is no binding agreement between the parties," Petrobras said in the filing.
Portuguese business daily Diario Economico reported on Tuesday Petrobras had offered to buy ENI's 33.3-per-cent stake in Galp for €3.5-billion ($4.7-billion U.S.), citing no sources for the information.