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

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

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