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Brazil court freezes Petrobras' sale of TermoBahia stake to Total
August 21, 2017 / 4:41 PM / a month ago

Brazil court freezes Petrobras' sale of TermoBahia stake to Total

SAO PAULO (Reuters) - A Brazilian federal court on Monday temporarily halted Petróleo Brasileiro SA’s (PBR.N) sale of a 50 percent stake in thermal power station operator TermoBahia to France’s Total SA (TOTF.PA) following a lawsuit.

The sale was part of a $2.2 billion deal signed in December as part of a strategic alliance between the French oil producer and Petrobras, as Brazil’s state-controlled oil producer is known.

In a statement, Petrobras said it has not been notified of the decision by the federal court in Sergipe state. The same court has in the past slowed a series of asset sales and partnerships undertaken by Petrobras to reduce debt and optimize capital spending.

Preferred shares (PETR4.SA), Petrobras’ most widely traded class of stock, shed 1.9 percent to 13.34 reais on Monday.

Reporting by José Roberto Gomes; Editing by Cynthia Osterman

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