May 22, 2019 / 9:06 PM / 25 days ago

Brazil's Petrobras approves stake sale in BR Distribuidora

FILE PHOTO: The logo of Brazil's state-run oil company Petrobras is pictured in the company headquarters in Sao Paulo, Brazil February 20, 2018. REUTERS/Paulo Whitaker/File photo

SAO PAULO (Reuters) - Brazil’s state-controlled oil company Petrobras said on Wednesday its board has approved a deal to sell an additional stake in its fuel distribution unit BR Distribuidora, according to a statement.

Petrobras, or Petróleo Brasileiro SA, said the stake sale would be done through a follow-on stock offering. It currently holds 71.25% of BR shares and said it plans to reduce its holdings to less than 50%.

Reporting by Marcelo Teixeira and Roberto Samora; Editing by Marguerita Choy

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