December 3, 2019 / 8:39 PM / 7 days ago

Petrobras CEO says company working on new share offering of fuel distribution unit- report

SAO PAULO, Dec 3 (Reuters) - Petrobras’ chief executive officer, Roberto Castello Branco, told investors in New York that the company is already working on an additional share offering to reduce its stake in its distribution unit, newspaper Valor Economico reported on Tuesday.

Castello Branco said last month that state-controlled Petrobras wanted to reduce its stake in Petrobras Distribuidora SA, without elaborating.

Petrobras did not immediately comment on the Valor report.

Petroleo Brasileiro SA privatized Petrobras Distribuidora through a share offering last July. (Reporting by Tatiana Bautzer in Sao Paulo and Gram Slattery in Rio de Janeiro Editing by Leslie Adler)

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