Brazil’s Petrobras approves stake sale in BR Distribuidora

Industry:    May, 2019

Brazil’s state-controlled oil company Petrobras said on Wednesday its board has approved a deal to sell an additional stake in its fuel distribution unit BR Distribuidora, according to a statement.

Petrobras, or Petróleo Brasileiro SA, said the stake sale would be done through a follow-on stock offering. It currently holds 71.25% of BR shares and said it plans to reduce its holdings to less than 50%.