Brazil Privatizes Fuel Distributor in $2.3 Billion Offering

Brazilian oil giant Petroleo Brasileiro SA sold down a majority stake in its fuel distribution unit, effectively ending government control over the biggest player in the industry as part of a drive to privatize state-run assets and stoke competition.

The Rio de Janeiro-based energy producer raised 8.6 billion reais ($2.27 billion) selling shares in Petrobras Distribuidora SA, reducing its position to 41% from 71%, according to a regulatory filing. It’s Latin America’s biggest equity offering this year, topping the $1.98 billion sale of shares in reinsurer IRB Brasil Resseguros SA earlier this month.


By Sabrina Valle, Vinicius Andrade and Felipe Marques via Bloomberg


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