RIO DE JANEIRO, BRAZIL – Petrobras (PETR3;PETR4) has released a note on June 10, clarifying that it will sell all its remaining stake (37.5%) in BR Distribuidora (BRDT3) through a secondary public offering of shares.
The board of directors approved the sale of the stake through a follow-on, and not an auction. The amount to be raised will depend on the results of the pricing of the transaction.
The operation is subject to market conditions and will be analyzed by the Brazilian Securities and Exchange Commission (CVM) and other regulatory bodies. The offer must also be approved by Petrobras’ internal bodies.