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Brazil judge lifts injunction on Petrobras sale of TermoBahia stake to Total
September 6, 2017 / 10:58 PM / 3 months ago

Brazil judge lifts injunction on Petrobras sale of TermoBahia stake to Total

SAO PAULO (Reuters) - Brazil’s Petrobras (PETR4.SA) said on Wednesday that a federal court struck down an injunction that had stopped the sale of the state-controlled oil company’s stake in thermal power station operator TermoBahia to France’s Total (TOTF.PA).

Tanks of Brazil's state-run Petrobras oil company are seen in Brasilia, Brazil, August 31, 2017. REUTERS/Ueslei Marcelino

Petroleo Brasileiro, as the company is formally known, had agreed to sell its 50 percent stake in TermoBahia to Total in a $2.2 billion deal signed in December.

Petrobras said the Federal Regional Court for the Fifth Region on Tuesday had reversed an injunction granted in August by a lower court.

The Brazilian company is in the midst of a campaign to sell $8 billion worth of assets this year as it seeks to reduce its debt burden.

Reporting by Laís Martins, writing by Jake Spring

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