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Petrobras sells control of BR Distribuidora in operation estimated at R $ 9.6 billion


The RIO – BR Distribuidora service station network, one of the strongest brands associated with Petrobras, is no longer controlled by the state – owned company. Banks co-ordinating the sale of BR shares held by Petrobras put Tuesday $ 24.50 on the final bid price, saying two people know the business. The final details will be revealed in the event, however, according to sources, the trend is that the state-owned company cuts its share in the company from 71.25% to 37.5%, raising 9.63 billion dollars and remaining in control. the company's.

Earlier in the evening, columnist Guilherme Amado reported it
Petrobras had sold 35% of BR Distribuidora for R $ 9 billion.

The offer is a follow-on type when the company already has shares in the stock market. The network of service stations was published at the end of 2017 when Petrobras raised $ 5 billion by selling 29% of the shares. Until then, 100% of the company belonged to the state-owned company.

The new offer confirms the steady supply of paper in Brazil. Over the past two months, public banks have raised $ 14.7 billion by selling shares to Petrobras and IRB reinsurers on the stock market. BR Distribuidora's operation will be the largest of Telefónica's next offer of R $ 16.1 billion in 2015.

According to the sources, Petrobras sells not only its initial share but also its supplementary and supplementary shares, increasing the share sold from 25% to 33.75%. According to TozziniFreire's partner Fabiola Cavalcanti, demand was high because it is aimed at investors for the idea that BR now has private control.

– There is great expectation about the government's plans for the oil and gas sector, and BR is considered a kind of crown jewelery, especially when the state waives control.

Investors expect improvement in corporate governance and management.

"This BR operation is, in fact, privatization, and investors' bet is that, as in the past, this means better governance and results," said Giovani Loss, a Mattos Filho affiliate.

According to Iana Arbetman of Ativa Investimentos, BR can regain markets by changing its management.

– A state player is out of control of the company. Typically, the market estimates this kind of change in control, which tends to lead to improvements in company practices and costs. This is expected to revitalize the company's control, allowing the company to compete in the markets it loses.

Issuance of a bond loan

On Tuesday evening, Petrobras announced to a Brazilian Securities and Exchange Commission (CVM) that its Board of Directors approved a public offer of bonds, securities that are not converted into shares, up to three lines, to a total of R $ 3 billion.

First and second series bonds will mature on 15 September 2029 and 15 September 2034 respectively, according to the state-owned company. Already the third series will be scheduled on September 15, 2026. It will be the seventh issue of this type that the company has done in recent years.

The amounts to be mobilized will be used exclusively for exploration and assessment activities in the area of ​​the Franco, Florim, Northeast Tupi and Surroundings of Iara areas in the area before the salt of the Santos basin, which is part of the concession agreement. They will also invest in oil and gas development and production activities in the Buzios, Itapu, Sepia and Atapu fields in the same area.

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