Petrobras to sell voting control of fuel unit to facilitate sale
SAO PAULO, July 22 (Reuters) - Brazil's state-controlled Petróleo Brasileiro SA plans to sell voting control of Petrobras Distribuidora SA, after a bidding round for a minority stake put a low price tag on the fuel distribution unit.
In a securities filing on Friday, Petrobras said that it aims to keep no more than 49 percent of the voting capital of the unit known as BR Distribuidora, while still remaining the largest shareholder of the company. Reuters reported on July 19 that the company was inclined toward selling control of BR Distribuidora to garner a higher valuation. (Reporting by Guillermo Parra-Bernal; editing by Grant McCool)
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