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