Petrobras says it is working on new share offering of fuel distribution unit

Credit: REUTERS/SERGIO MORAES

Petrobras, Brazil's state-controlled oil company, said on Tuesday it is working on an additional share offering to reduce its minority stake in its fuel distribution unit.

New throughout, adds Petrobras confirmation

SAO PAULO, Dec 3 (Reuters) - Petrobras, Brazil's state-controlled oil company,said on Tuesday it is working on an additional share offering to reduce its minority stake in its fuel distribution unit.

Petrobras confirmed it is working on a share offering of its unit after newspaper Valor Economico reported that the company's chief executive officer, Roberto Castello Branco, told investors in New York about the plan.

Last month, Castello Branco said Petrobras PETR4.SA wanted to reduce its stake in Petrobras Distribuidora SA BRDT3.SA, without elaborating.

Petroleo Brasileiro SA PETR4.SA privatized Petrobras Distribuidora through a share offering last July, but still holds a 37.5% stake.

(Reporting by Tatiana Bautzer in Sao Paulo and Gram Slattery in Rio de Janeiro Editing by Leslie Adler and David Gregorio)

((tatiana.bautzer@tr.com; Tel: +55-11-5644-7756; Mob: +55-119-4210-4173; Reuters Messaging: tatiana.bautzer.thomsonreuters.com@reuters.net))

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