Rio de Janeiro, Jun 30 (.) .- The Brazilian oil company Petrobras will receive some 11,356 million reais (about 2,271 million dollars) for 37.5% of the remaining papers of BR Distribuidora, a former subsidiary whose control sold in 2019 as part of its ambitious divestment plan.
The price of the papers of the largest distributor in Brazil put up for sale by Petrobras was defined this Wednesday based on the price with which it closed on the Sao Paulo Stock Exchange and on the offers made by those interested in the shares, which exceeded 30,000 million reais (6,000 million dollars).
In this way, the demand for the papers almost tripled the shares offered.
With a defined price of about 26 reais (about $ 5.2) per paper, Petrobras will receive about 11,356 million reais (about 2,271 million dollars) for the 436.8 million common shares of the fuel distributor that it placed on the market. sale.
After defining the price, Petrobras will begin to deliver the shares next Friday to the institutional investors who demanded them, a process that will have to be concluded on July 5, according to the prospectus for the public offering of shares.
The sale of the remaining shares of BR Distribuidora was authorized last August by the Board of Directors of Petrobras, a company controlled by the State but with shares traded on the Sao Paulo, New York and Madrid stock exchanges, but the company was waiting for the most suitable time in the market to announce the offer.
The former Petrobras subsidiary, founded in 1971, is the largest distributor in Brazil, with about 7,700 supply stations in all the states of the country, and the leader in the fuel distribution market, with a 27% share.
In addition to its gigantic network of refueling stations, the distributor has 85 fuel storage bases, 13 lubricant depots and 99 refueling stations at airports.
After a successful auction in 2019, in which it sold 33.75% of its stake in BR Distribuidora, which was 71.25% at the time, for 9,633 million reais (about 1,926.6 million dollars at the current exchange rate) and for which it diluted control, Petrobras was left with a minority stake of 37.5% of the company.
The privatization process of BR Distribuidora began in 2017 when Petrobras made an initial offer of shares in the distributor in which it sold 30% of its stake for 5,000 million reais (about 1 billion dollars).
According to the oil company, the sale of the remaining shares of BR Distribuidora is part of its divestment plan, aimed at reducing debt, improving its financial profile and focusing operations on the most profitable assets, mainly those for the exploitation of hydrocarbons.
The divestment plan also foresees for this year the sale of eight of the company’s refineries, responsible for half of the country’s refining capacity.
(c) . Agency