Corporate M&A

Brazilian Development Bank BNDES Completes Sale of Petrobras Stake

By Shriya Bhargava
February 10, 2020
a minute read
Ceremony Starts Offering Petrobras Shares Owned by BNDES

Brazilian state-owned development bank Banco Nacional de Desenvolvimento Economico e Social (BNDES) has sold its 9.86% stake in national oil company Petroleo Brasileiro SA (Petrobras), for total proceeds of approximately US$5.2 billion. The sale of the Petrobras shares is reported to have attracted strong demand from both domestic and international institutional investors, having been launched in late-January simultaneously in Brazil (through the B3 Exchange) as well as overseas on the New York Stock Exchange. In mid-December, BNDES had informed Petrobras of its intention to sell its 734 million common shares in the company as part of a strategic move to divest its holdings in mature companies. 82.45% of the offering was allocated to institutional investors, and the remaining 17.55% to retail investors. Credit Suisse, Bank of America, Bradesco BBI, BB Investimentos, Citigroup, Goldman Sachs, Morgan Stanley and XP Investimentos acted as bookrunners for the sale. BNDES continues to hold a 2.9% interest in Petrobras’ preferred shares.

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