LatinNews Daily - 27 August 2020

* The board of directors of Brazil’s state-owned oil firm Petrobras has approved a proposal for the firm to sell its 37.5% stake in Petrobras Distribuidora SA (BR), the country’s largest fuels distributor, by means of a second public offering. Previously the majority shareholder with a 71% holding in BR Distribuidora, Petrobras had already sold some of its shares last year as part of the company’s divestment programme. Petrobras has noted that the launch of this second offer will be defined at a later date, subject to market conditions, approval from internal Petrobras bodies on the price, and analysis by Brazil’s relevant regulatory commissions. “This transaction is aligned with the optimisation of the portfolio and the improvement of the company’s capital allocation”, Petrobras said in a statement. 

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