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Petrobras sold the control of BR Distribuidora in operation, estimated at R $ 9.6 billion


The network of the RIO-BR Distribuidora service stations, one of the strongest brands associated with Petrobras, is no longer controlled by the state-owned company. The banks that coordinate the sale of BR shares maintained by Petrobras set the final price of the offer on Tuesday 24.50, they said that two people were aware of the operation. The final details will still be revealed in a relevant event, but, according to sources, the tendency is that the state-owned company reduces the company's stake of 71.25% to 37.5%, obtaining 9.63 million of dollars and leaves the control. of the company.

In the afternoon, the columnist of the season, Guilherme Amado, informed him
Petrobras had sold 35% of BR Distribuidora for R $ 9 billion.

The offer is of a continued type, when the company already has stock in the stock market. The gas station network was made public at the end of 2017, when Petrobras increased US $ 5 billion by selling 29% of the shares. Until then, 100% of the company belonged to the state-owned company.

The new offer confirms the strong demand for supply of paper in Brazil. In the last two months, public banks raised R $ 14.7 billion with the sale of shares in Petrobras and the reinsurer of the IRB on the stock market. The BR Distribuidora operation will be the largest since the later Telefónica offer of R $ 16,100 million in 2015.

According to the sources, Petrobras sells not only the initial planned fee, but also the additional and complementary actions, increasing the quota sold from 25% to 33.75%. According to the partner of TozziniFreire, Fabiola Cavalcanti, the demand was high, as it calls on investors for the idea that the BR now has private control.

– There is a great expectation about the government's plans for the oil and gas sector, and BR is considered a kind of crown jewel, especially with the control of the resigning States.

Investors predict an improvement in the governance and management of the company.

"This BR operation is, in practice, a privatization. And investors' commitment is that, as in the past, this means better governance and results – said Giovani Loss, partner of Mattos Filho.

According to Ilan Arbetman of Ativa Investimentos, BR can recover the markets by changing its management.

– A player of the state will leave the control of the company. Normally, the market appreciates this type of change of control, which tends to improve business practices and costs. This is expected to strengthen the control of the company, allowing the company to fight for the markets it was losing.

Issuance of debt

On Tuesday evening, Petrobras announced in a statement to the Brazilian Securities Commission (CVM) that its Board of Directors approved the public offer of bonds, securities that are not convertible into shares, in a maximum of three series, in the total amount of R $ 3,000 million.

The bonds of the first and the second series will mature on September 15, 2029 and on September 15, 2034, respectively, said the state-owned company. The third series will be on September 15, 2026. It will be the seventh edition of this type made by the company in recent years.

The collected funds will be used exclusively for exploration and evaluation activities in the area of ​​the blocks of Franco, Florim, Northeast of Tupi and Surroundings of Iara in the area of ​​pre-salt of the Santos basin, which It is part of the cession contract. You will also be investing in oil and natural gas development and production activities in the Buzios, Itapu, Sepia and Atapu fields of the same region.

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