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LatinNews Daily - 04 July 2019

In brief: Brazil

* Brazil’s state-owned oil company Petrobras has begun the process to launch a tender offer to reduce its stake in Petrobras Distribuidora SA (BR), Brazil’s largest fuels distributor of which Petrobras is the majority owner. The base offer will be 25% of Distribuidora’s ordinary shares, and it could reach 33.75% of capital stock through overallotment provisions. Through this divestment, Petrobras will reduce its majority 71% holding in Distribuidora BR to between 38% and 46%. The share offering should raise between R$6.87bn and R$9.28bn (US$1.8bn-$2.43bn) based on closing prices on 2 July.