Petrobras (PETR4; PETR3) studies creating two new companies for its thermoelectric plants and transportation to make IPOs on Bovespa (B3); for Goldman Sachs, Petrobras presented "positive news about pre-salt cost efficiency"

According to Jornal do Comércio, Petrobras intends to create two new companies to enable the sale of part of its transportation and energy assets. The information was given by directors of the state and the president Roberto Castello Branco in a meeting with market analysts. 

The strategy is that these companies group several assets to be offered in the stock market through an IPO similar to that made with BR Distribuidora (BRDT3), which generated almost R $ 9.6 billion.

Goldman Sachs analysts published a report following a meeting with Petrobras President and Chief Financial Officer Andrea Almeida highlighting “positive news about pre-salt cost efficiency”. For them, the Brazilian state managed to achieve, in the most recently developed platforms, an extraction cost as low as $ 4 per barrel, or 33% below the pre-salt average in the second quarter of 2019.

Bovespa (B3) closed higher in Brazil after the privatization of BR Distribuidora (BRDT3) and the announcement of FGTS money release

The main index of the São Paulo Stock Exchange (B3), the Ibovespa, closed up today, at 104,119 points, after rising 0.4%. The main reason was the privatization of BR Distribuidora. 

The main index of the São Paulo Stock Exchange (B3), the Ibovespa, closed up today, at 104,119 points, after rising 0.4%. The main reason was the privatization of BR Distribuidora. 

BR Distribuidora was up 5% on the stock market after the sale of shares made by Petrobras.

The market also considered positive the policy for the Government Severance Indemnity Fund (FGTS) and PIS-Pasep Fund quotas announced by the government. Workers can now withdraw up to R$ 500 from each active or inactive FGTS account (from current or previous employment).

Petrobras (PETR4) announces sale of control of subsidiary BR Distribuidora (BRDT3)

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.