Petrobras to sell 37.5% of BR shares; proceeds could reach RS$10 billion

Petrobras' intention to completely exit BR's capital is already known and is part of the company's strategy to reduce its debt and focus on oil exploration and production.

RIO DE JANEIRO, BRAZIL - Petrobras has started the process of selling its remaining shares in BR Distribuidora. The state-owned company currently holds 37.50% of the country's largest fuel distributor capital stock.

The initial plan was for the operation to be held earlier this year, but it was deferred due to the change in command of the state-owned company.

In a statement sent to the Securities and Exchange Commission (CVM), the . . .

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