Petrobras Approved Last Night (August 26) Total Sale of Its Shares in BR Distribuidora

Written by Flavia Marinho

Published on 27/08/2020 at 10:02

Petrobras vendeu 30% das ações da BR Distribuidora no ano passado. Como a participação da estatal ficou menor que 50%, a operação significou a privatização da antiga subsidiária

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Petrobras Sold 30% of Its Shares in BR Distribuidora Last Year. Since the State’s Stake Fell Below 50%, the Operation Signified the Privatization of the Former Subsidiary

Petrobras reported in a relevant fact last night (08/26) that its board of directors approved the proposal to sell the remaining 37.5% stake held by the state in BR Distribuidora. Petrobras is Sued for Irregularly Depositing Tons of Equipment and Tubing from Oil Platforms in the Campos Basin, Rio de Janeiro

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According to the Petrobras statement, the transaction will occur through a secondary public offering of shares (follow on), the launch of which will be defined later and is subject to market conditions, approval by the company’s internal bodies, and analysis by the Securities and Exchange Commission (CVM) and other regulatory bodies.

“This communication is for informational purposes only, as per the current legislation and regulations, and should not be considered as an offer announcement in Brazil, the United States, or any other jurisdiction,” emphasized Petrobras in the statement.

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Petrobras Exit from BR Distribuidora

In July of last year, Petrobras sold shares of BR Distribuidora, reducing its stake in the company from 71.25% to the current 37.5%. Since the state’s stake fell below 50%, the operation signified the privatization of the former fuel sales subsidiary.

The operation occurred a month after the Federal Supreme Court (STF) authorized state-owned companies to divest subsidiaries without the need for approval by the National Congress.

BR Distribuidora

Petrobras Distribuidora is a publicly traded corporation, headquartered in the city of Rio de Janeiro, RJ, and a former subsidiary of Petrobras that had its control sold in July 2019, even though the state still holds 37.5% of the company’s shares.

Founded on November 12, 1971, it mainly operates in the distribution and commercialization of petroleum-derived fuels, such as diesel oil, gasoline, QAV (aviation kerosene); biofuels, such as ethanol and biodiesel; as well as lubricants, asphalt emulsions, and chemical products.

It is present in all 26 Brazilian states and the Federal District, with more than 8,000 service stations currently. Currently, Petrobras Distribuidora is the largest company in the fuel distribution sector in Brazil, with its main competitors being Ipiranga and Raízen (a joint venture formed between Shell and Cosan).

Petrobras Approved Last Night (August 26) Total Sale of Its Shares in BR Distribuidora

Petrobras Sold 30% of Its Shares in BR Distribuidora Last Year. Since the State’s Stake Fell Below 50%, the Operation Signified the Privatization of the Former Subsidiary

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Petrobras Exit from BR Distribuidora

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Petrobras Approved Last Night (August 26) Total Sale of Its Shares in BR Distribuidora

Petrobras Sold 30% of Its Shares in BR Distribuidora Last Year. Since the State’s Stake Fell Below 50%, the Operation Signified the Privatization of the Former Subsidiary

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