SAO PAULO (Reuters) - Brazilian state-controlled oil company Petroleo Brasileiro SA has filed a request with Brazilian regulators to sell shares it owns in fuel distribution unit BR Distribuidora SA, according to a securities filing released on Friday.
The company, known as Petrobras, has a 71% stake in BR Distribuidora, Brazil’s largest fuel distribution company. Petrobras said recently it planned to reduce the stake to less than 50%. No other details, including share pricing, were disclosed.
JP Morgan will be the leading coordinator in the share offer. Other banks contributing to the deal include Citi, BofA Merrill Lynch, Credit Suisse, Itaú BBA and Santander, Petrobras said.
BR Distribuidora had a total market capitalization of 28.9 billion reais ($7.45 billion) as of Friday, indicating that a sale of about 20% of the shares could raise around 7 billion reais for Petrobras.
Reporting by Marcelo Teixeira; Editing by Tom Brown and Leslie Adler