July 24, 2019 / 10:39 AM / a month ago

Brazil's Petrobras may raise $2.5 billion in fuel distribution unit privatization- filing

SAO PAULO, July 24 (Reuters) - Brazil’s oil company Petroleo Brasileiro SA may raise up to 9.6 billion reais ($2.5 billion) in the privatization of its fuel distribution unit, the company said in a securities filing early on Wednesday.

In a share offering priced late on Tuesday, Petrobras Distribuidora SA shares were sold at 24.50 reais, allowing the oil company to raise 8.5 billion reais immediately.

The board has already approved the sale of the base offering and the additional allotment, that will reduce Petrobras stake in the unit to 41.25%.

The supplementary allotment, worth over $250 million, is expected to be sold over the next weeks and, if fully divested, would reduce Petrobras’ stake in the unit to 37.5%. ($1 = 3.7735 reais) (Reporting by Tatiana Bautzer and Carolina Mandl Editing by Keith Weir)

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