Petrobras, Brazil's largest state-owned company, has sold more than 30% of the shares and announced that it will reduce its stake in the subsidiary to 37.5%.
According to a statement issued by the state company, Petrobras' board of directors approved the sale of 349,500,000 shares, at R $ 24.50 per share. This corresponds to R $ 8.5 billion. Upon completion of this transaction, Petrobras will hold only 41.25% of BR Distribuidora, thus, Petrobras will reduce its stake in BR Distribuidora from 71% to 41%. This means that in practice BR was privatized.
In 2017, during Michel Temer's government, Petrobras had already sold 28.75% of BR shares, raising about R$ 5 billion.
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