Petrobras concludes sale of stake in BR Distribuidora

Petrobras today (Jun. 6) announced the end of the drive to sell its shares at Petrobras Distribuidora S.A. (BR Distribuidora). The offer is said to have raised $2.23 billion.

The state-run giant further reported that 436.875 million shares were sold to 5,795 acquirors. The shares were priced at $5.12 each.

A total of 576 investment funds acquired approximately 251 million shares in BR Distrubuidora, which accounts for 57.6 percent of the total offered by Petrobras. Another 146 foreign investors bought 149 million shares, or 34.1 percent of the total. The third biggest slice was purchased by 4,859 natural persons, who bought 26.4 million shares (6%).

Petrobras justified the sale of its stake in BR Distribuidora as an operation “aimed at the optimization of the portfolio and the improvement of capital allocation.” The company said that the offering “is in line with its strategic stance of exiting the distribution business and focusing its investments on world-class refining and on assets under deep and ultra-deep water production and exploration, where the company has shown great competitive potential over the years.”