July 14, 2017 / 10:11 PM / 10 days ago

Brazil's Petrobras to keep majority stake in BR Distribuidora

1 Min Read

A man walks past the Brazil's state-run Petrobras oil company headquarters in Rio de Janeiro, Brazil April 13, 2017.Ricardo Moraes

RIO DE JANEIRO (Reuters) - Brazil's state-controlled oil company Petroleo Brasileiro (PETR4.SA) said on Friday it has not yet decided how much of BR Distribuidora to float in an initial public offering, but that it intends to keep control of the fuel distribution unit.

Last month, Petrobras Chief Executive Officer Pedro Parente said the company was reviving plans to list BR Distribuidora. An article on Thursday in the Valor Economico newspaper said the company was planning to float between 25 and 40 percent of the unit.

In a securities filing on Friday, Petrobras said it has not yet decided what percent of the unit it will list but that it will be at least the 25 percent required by law and that it aims to keep a majority stake in the unit.

Reporting by Marta Nogueria and Alexandra Alper; Editing by Sandra Maler

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below