Brazil Pushes Its Great Downsizing and Rakes In $5.2 Billion

(Bloomberg) — The Brazilian state development bank unloaded its voting stake in oil giant Petroleo Brasileiro SA, raking in 22 billion reais ($5.2 billion) as part of a wave of asset sales aimed at reversing years of growing government influence in Latin America’s biggest economy.

BNDES, as the bank is known, sold all 734 million shares, including over-allotments, for 30 reais apiece late Wednesday, the company said in a regulatory filing. That’s a discount of less than 2% to the closing price, an indication that demand held up well in the face of sinking crude prices. Shares rose more than 1% in early trading Thursday to top the offering price.

By Cristiane Lucchesi,  Vinicius Andrade and Sabrina Valle via Yahoo Finance

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