trending Market Intelligence /marketintelligence/en/news-insights/trending/UQxH9i9IEA6jKirnu_azRA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

BNDES plans to cut stake in Petrobras through secondary offering

Blog

Message in a (Word)Cloud

Six trends shaping the industries and sectors we cover in 2021

Six trends shaping the industries and sectors we cover in 2021

Blog

Essential Energy Insights - January 2021


BNDES plans to cut stake in Petrobras through secondary offering

Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, informed Petróleo Brasileiro SA that it will evaluate a divestment of up to its whole stake in the state-owned oil major through a secondary public offering.

The Brazilian oil major, also known as Petrobras, said BNDES approved the start of a selection process to hire advisers for the potential deal, according to a Dec. 13 securities filing. BNDES has also begun studies to determine the number of shares to be included in the transaction and the timing of the deal, among other terms and conditions.

In March, then-CEO Joaquim Levy reportedly said BNDES would further cut its stake in the state-owned oil company. In August, BNDES saw its first-half profit increase 190% year over year, driven by gains from selling stakes in companies such as Petrobras. In November, Reuters reported that the state-owned Brazilian development bank is aiming to sell 80% of its 110 billion reais stock portfolio within three years.

As of Nov. 30, BNDES held 734,202,699 Petrobras common shares, equivalent to 10% of the common shares issued by Petrobras.

As of Dec. 12, US$1 was equivalent to 4.10 Brazilian reais.