July 11, 2017 / 10:21 PM / in 2 years

Brazil's Petrobras board approves IPO for fuel distribution unit

RIO DE JANEIRO, July 11 (Reuters) - Brazil state oil company Petróleo Brasileiro SA said on Tuesday its board has approved an initial public offering of shares for its fuel distribution unit Petrobras Distribuidora on the Sao Paulo stock exchange.

In a regulatory filing, the company known as Petrobras also said the offering will be exclusively secondary, in which current shareholders sell part of their stakes. The company said the listing will be on the Novo Mercado segment, in which companies have higher governance standards and are only allowed to have common shares. (Reporting by Alexandra Alper; Editing by Lisa Shumaker)

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