World Markets
BAC

Brazil's Petrobras says Caixa plans to sell stake in the oil firm

SAO PAULO, April 17 (Reuters) - Caixa Econômica Federal has informed Brazilian state-run oil firm Petroleo Brasileiro SA , known as Petrobras, that it intends to sell its stake in the oil firm, Petrobras said in a securities filing on Wednesday, citing a letter from Caixa.

Caixa has engaged lawyers and a bank syndicate to advise it on the best alternatives to divest the stake, according to the letter.

Reuters reported last week that Caixa's investment banking unit would lead the sale, along with Bank of America Corp , Morgan Stanley and UBS AG [RIC:RIC:UBSAG.UL].

According to the oil firm's website, Caixa owns 2.2 percent of its total capital stock, including 241,340,371 voting shares and 43,330,000 preferred shares.

Caixa did not rule out a follow-on share offering to investors in Brazil and in the United States, it told Petrobras in the letter.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More