Petrobras raises $2.3 bln in sale of fuel distributor stake - Reuters

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The logo of Brazil's state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO, June 30 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA (PETR4.SA), known as Petrobras, said on Wednesday it raised 11.36 billion reais ($2.3 billion) in the largest share offering of the year in the country.

Petrobras divested its full remaining stake of 37.5% in its former subsidiary, fuel distributor Petrobras Distribuidora SA (BRDT3.SA), in a secondary share offering that was priced at 26 reais per Petrobras Distribuidora share, the company said in a filing.

The company filing confirmed earlier information from a source with knowledge of the matter.

That implies a value of 11.36 billion reais based on Petrobras' previous announcement that 436.9 million shares would be sold in the divestiture.

The secondary share offering price represents a 2.5% discount over the closing price of Distribuidora shares of 26.68 reais on Wednesday.

Petrobras effectively privatized Distribuidora two years ago in another share offering, but kept a minority stake it fully divested now.

($1 = 4.9701 reais)

Reporting by Tatiana Bautzer; Editing by Christian Schmollinger

Our Standards: The Thomson Reuters Trust Principles.

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