Petrobras Will Sell Shares of BR Distribuidora and Will No Longer Be the Majority Owner

Written by Renato Oliveira

Published on 23/05/2019 at 12:13

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Approved by Petrobras’ Board of Directors, Sale of Share Lot Will Result in Oil Company’s Participation of Less Than 50% in the Company

The Board of Directors of Petrobras has approved a new sale of shares of Br Distribuidora; the public offering will still be detailed, but it is certain that the Brazilian state-owned company’s participation in BR Distribuidora will become less than 50%, which would remove the company from being the majority shareholder.

In a statement, Petrobras said that “This operation is aligned with the optimization of the portfolio and the improvement of the company’s capital allocation, aiming to generate value for our shareholders.”
On May 8, Petrobras’ president, Roberto Castello Branco, stated in a press conference in Rio de Janeiro that BR Distribuidora “will not participate in any process of purchasing refineries”.

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Government Indications

This was an indication of what Petrobras was thinking regarding the future of BR Distribuidora; according to Castello Branco at that time, the company had not yet defined the model for selling Petrobras’ stake in BR Distribuidora.
Now, with the definition, it is clear how Petrobras begins to view distribution in the country.

At the end of 2017, Petrobras had already negotiated a lot of 30% of BR Distribuidora’s shares, and last month it announced that it was considering the offer of a new share package.

With the announcement of the new sale, BR shares closed down 1.84%, priced at R$ 23.00 yesterday (05/22), and Brazil Journal, a site about Brazilian companies, the financial market, stock investments, and the Stock Exchange, predicts the reduction of Petrobras’ participation from 71% to 41% in BR Distribuidora.

In anticipation of the upcoming pre-salt auction, oil companies suggest the creation of cash bonuses to be given as credit to the oil companies that exceed local content! Access the article and enjoy your reading!

Petrobras Will Sell Shares of BR Distribuidora and Will No Longer Be the Majority Owner

Approved by Petrobras’ Board of Directors, Sale of Share Lot Will Result in Oil Company’s Participation of Less Than 50% in the Company

Government Indications

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Petrobras Will Sell Shares of BR Distribuidora and Will No Longer Be the Majority Owner

Approved by Petrobras’ Board of Directors, Sale of Share Lot Will Result in Oil Company’s Participation of Less Than 50% in the Company

Government Indications

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