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Petrobras raises $ 2.3 billion in the sale of its stake in fuel distributor

The logo of Brazilian state oil company Petrobras can be seen at its headquarters in Rio de Janeiro, Brazil on October 16, 2019. REUTERS / Sergio Moraes / File Photo

SAO PAULO, June 30 (Reuters) – Brazilian state-owned oil company Petroleo Brasileiro SA (PETR4.SA), known as Petrobras, said on Wednesday it had raised 11.36 billion reais ($ 2.3 billion ) as part of the largest stock offering of the year in the country.

Petrobras has sold all of its remaining 37.5% stake in its former subsidiary, fuel distributor Petrobras Distribuidora SA (BRDT3.SA), in a secondary share offer at a price of R $ 26 per share Petrobras Distribuidora, the company said in a filing.

The company’s file confirmed earlier information from a source with knowledge of the matter.

This implies a value of 11.36 billion reais based on Petrobras’ previous announcement that 436.9 million shares would be sold on the divestment.

The secondary offering price of the shares represents a 2.5% discount from the closing price of Distribuidora shares of 26.68 reais on Wednesday.

Petrobras effectively privatized Distribuidora two years ago as part of another share offering, but retained a minority stake which it has now fully sold.

($ 1 = 4.9701 reais)

Reporting by Tatiana Bautzer; Edited by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles.


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