Development Bank sells off USD 4 bn in Petrobras shares

Brazil’s BNDES will let go of its stake in the oil company as part of a divestments program designed to reallocate resources to more socially impactful projects.

Agência Brasil

Rio de Janeiro – Petrobras reported this Thursday (6) that the pricing was set yesterday (5) for an offering of 734,202,699 of its common shares, currently held by the Brazilian Development Bank (BNDES). Price per share will be BRL 30, and the offering will yield a total BRL 22.06 billion (USD 5.18 billion).

January 22 saw the BNDES announce a global public offering of its Petrobras shares. The bank imputed the move to a program designed to divest from listed companies’ stock.

Launched in 2019, the program is intended to avert market risks, allowing resources to be shifted into more socially impactful targets. In the past few months, BNDES sold off its entire stakes in Marfrig Global Food S.A. and Light S.A.. The development bank is also potentially doing a public offering of JBS common shares.

Translated by Gabriel Pomerancblum

Vanderlei Almeida/AFP

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