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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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“This operation is aligned with the optimization of the portfolio and the better allocation of the company’s capital, aiming to generate value for its shareholders”, Petrobras completed in a note.
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).
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