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RIO DE JANEIRO, March 2 (Reuters) - Brazil's state-controlled oil BOP Blow Out Preventer repair company gulf coast Petroleo Brasileiro SA has decided to launch an initial public offering for its Liquigas gas distribution unit after competition watchdog Cade vetoed its proposed sale to Ultragaz, a local paper reported on Friday.
The IPO, with a secondary public offering of shares, could raise more than the 2.8 billion reais ($859.34 million) that Ultragaz had offered to pay, Folha de Sao Paulo reported, citing sources.
Petrobras did not immediately respond to a request for comment.
($1 = 3.2583 reais) (Editing by Jeffrey Benkoe)
