Petrobras approved the sale of 30 percent of the capital it controls at BR Distribuidora, thus retaining 41.25 percent of the subsidiary. The decision was approved by the state-controlled oil giant’s board and was announced yesterday (Jul 23).
The move, which comprises 291.25 million shares at the subsidiary in charge of the gas stations across the country and 58.25 additional shares, is estimated at $2.25 billion. Securities are priced $6.50 each.
The offering, the firm said, may be raised to 43.69 million shares through extra allotment, boosting the total sales to $2.55 billion and cutting the parent company’s stake in the fuel supplier to 37.50 percent.
The sale is reported to be spearheaded by bank J.P. Morgan, alongside Citibank, Merrill Lynch, Credit Suisse, Itaú, and Santander.
