(Bloomberg) -- Vibra Energia SA, Brazil’s largest fuel distributor, isn’t engaged in talks with power company Eneva SA nor is it interested in exploring a potential merger, according to Vibra’s top executive.

Chief Executive Officer Ernesto Pousada said the offer his company got from Eneva in November was unattractive because the price was too low. He also said Vibra isn’t engaged with JPMorgan Chase & Co. to advise it on potential deals.

“There’s nothing happening,” the CEO said Friday in an interview at Bloomberg’s Sao Paulo headquarters. “The proposal was not good for us, it’s not at all in our interest and the talks have ended.”

Eneva, which counts Banco BTG Pactual SA and the billionaire Moreira Salles family as its main shareholders, submitted a non-binding proposal to Vibra’s board of directors last year to create a single entity. In the initial offer, shareholders of each company would hold a 50% stake in the new firm, according to the filing. 

After reviewing the offer, Vibra argued the indicated exchange ratio was “unjustifiable,” and that Eneva would have to “significantly improve” the proposed terms for it to be reconsidered. 

Pousada said the company is on a good path and isn’t actively looking for partners or potential mergers. “We have our own agenda of growth,” he said. “Our fuel distribution business still has a lot of opportunities and we do see opportunities to improve our lubricants business.”

--With assistance from Dayanne Sousa.

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