Petrobras raises $2.3 billion in sale of fuel distributor stake

  • 7/1/2021
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SAO PAULO (Reuters) -Brazilian state-run oil company Petroleo Brasileiro SA, known as Petrobras, said on Wednesday it raised 11.36 billion reais ($2.3 billion) in the largest share offering of the year in the country. Petrobras divested its full remaining stake of 37.5% in its former subsidiary, fuel distributor Petrobras Distribuidora SA, in a secondary share offering that was priced at 26 reais per Petrobras Distribuidora share, the company said in a filing. The company filing confirmed earlier information from a source with knowledge of the matter. That implies a value of 11.36 billion reais based on Petrobras’ previous announcement that 436.9 million shares would be sold in the divestiture. The secondary share offering price represents a 2.5% discount over the closing price of Distribuidora shares of 26.68 reais on Wednesday. Petrobras effectively privatized Distribuidora two years ago in another share offering, but kept a minority stake it fully divested now. ($1 = 4.9701 reais) Reporting by Tatiana Bautzer; Editing by Christian Schmollinger Our Standards: The Thomson Reuters Trust Principles.

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