Petrobras Raises $2.3 Billion in Sale of Fuel Distributor Stake
- Oil giant sold remaining 37.5% stake in BR Distribuidora
- The 11.4 billion-real sale is Latin America’s largest in 2021
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Petroleo Brasileiro SA raised about $2.3 billion through the sale of its remaining stake in Brazil’s largest fuel distributor in the biggest equity transaction in Latin America this year.
Petrobras, as the company is known, fully exited Petrobras Distribuidora SA in an offering that priced at 26 reais ($5.23) a piece, according to company filings. The sale is part of a broader plan from the oil giant to exit non-core businesses, cut debt and focus on deep-water projects.