Petrobras Approves Model for Additional Sale of Its Stake in BR Distribuidora

Source: www.gulfoilandgas.com 5/22/2019, Location: South America

Petrobras, following up in the release dated 04/26/2019, reports that its Board of Directors approved the model for the additional sale of its stake in Petrobras Distribuidora (BR) to be carried out through a secondary public offering (follow-on).

After the offering, the remaining of Petrobras’ stake in BR’s capital will be lower than 50%. All measures required to carry out the offering will be subject to the approval of Petrobras' internal bodies, specifically as to the price and actual percentage of the shares to be offered, as well as to the analysis and approval of the relevant regulatory entities, pursuant to the applicable legislation.

This release should not be considered as an offering notice and its execution will depend on favorable conditions in the domestic and international capital markets. This transaction is in line with the company’s portfolio optimization and improvement of capital allocation, aiming at generating value for our shareholders.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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