Petroleo Brasileiro SA is looking to sell about 25 percent of its distribution unit in what would be Brazil’s biggest initial public offering in more than two years, said two people with direct knowledge of the matter.
The Petrobras Distribuidora SA unit, known as BR, is Latin America’s largest distributor and marketer of petroleum derivatives and biofuels and was valued by banks at 30 billion reais to 40 billion reais ($8.7 billion to $11.6 billion), one of the people said, asking not to be named because talks are private. Bankers and lawyers met for the first time on July 30 ahead of a proposed October or November share sale, five people said.
Citigroup Inc. is leading a group of advisers that also includes Banco Bradesco BBI SA, Banco Itau BBA SA, Banco do Brasil SA and Bank of America Corp., the people said.
Brazil Energy Insight 
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