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Petrobras is trying to sell BR Distribuidora

Staff Writer |
Petrobras plans to sell voting control of Petrobras Distribuidora after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the company's needs.

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The plan now is to keep no more than 49% of the voting capital of BR Distribuidora, while remaining the largest shareholder of the company, according to a securities filing and company comments in a conference call.

Petrobras is trying to sell BR Distribuidora, Brazil's largest fuels distributor, as part of a plan to sell $15 billion of assets by the end of this year.

It is selling assets to reduce its debt, the largest of any oil company, in the face of a financial crisis caused by a corruption scandal and falling oil prices.

Petrobras said it would maintain its dominant share of fuel-unit profits by keeping a large stake in non-voting, preferred shares. It expects bids by the end of the year.

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