Rio de Janeiro – Petrobras approved the sale of 30% of BR Distribuidora’s capital stock and will retain 41.25% of its subsidiary’s capital stock after the conclusion of the offer. The decision of Petrobras’ Board of Directors was announced on Tuesday (23) night.
Involving 291.25 million shares of the subsidiary responsible for the gas station chain all over the country and 58.25 million additional shares, the operation is estimated in BRL 8.5 billion (USD 2.3 billion). The offer prices at BRL 24.50 (USD 6.50) per share.
According to the state-owned company, the number of shares offered may be increased by up to 43.69 million shares, which would increase the total sale value to BRL 9.63 billion (USD 5.6 billion). Assuming the option is exercised in full, Petrobras’s equity interest in the subsidiary’s capital stock may be reduced to 37.50%.
According to information available on the Public Offer Definite Prospect, the sale will be coordinated by the bank J.P Morgan as its leader together with the banks Citi, Merrill Lynch, Credit Suisse, Itaú, and Santander, which will also act as international placement agents.
Translated by Guilherme Miranda
