SAPMY - Petrobras plans to sell remaining $2.25B stake in BR Distribuidora

Leila Melhado/iStock Editorial via Getty Images Petrobras (PBR) says it plans to sell its remaining 37.5% stake in fuel distributor BR Distribuidora in a follow-on public offering. At today's closing prices, the Petrobras stake in Brazil's leading fuel distribution company is worth 11.5B reais ($2.25B). Petrobras also signs a $2.3B contract with a joint venture formed by Italy's Saipem (SAPMF) and South Korea's Daewoo Shipbuilding to build an eighth floating production unit for the Buzios field. Shares finished -1.8% in today's trading after saying it will cut the average price of gasoline at refineries by 0.05 reais/liter to 2.53 reais, while raising the price for cooking gas to 3.40 reais/kilo. The company also says it concluded its tender offer to repurchase global bonds, exceeding the $2.5B limit established in the offer.

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Petrobras plans to sell remaining $2.25B stake in BR Distribuidora