Petrobras divests majority stake in BR Distribuidora
The Rio de Janeiro-based energy producer Petrobras has raised BRL8.5 billion (US$2.1 billion) selling shares in BR Distribuidora, reducing its position to 41.25% from 71.25%. Petrobras plans to sell a new batch in the coming weeks to further cut its stake to 37.5%, raising a total of BRL9.63 billion (US$2.4 billion).
BR Distribuidora operates the largest gasoline station network in Brazil, with more than 7,700 branches and more than 1,200 convenience stores. It controlled 27% of Brazil’s fuel distribution market in the first quarter. BR also supplies more than half of the fuel for the domestic aviation industry.
Petrobras sold the shares of BR Distribuidora at BRL24.50 (US$6.08) apiece.
Country updates
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