Brazil’s state-controlled oil company Petróleo Brasileiro SA (PETR4.SA) is considering selling control of fuel distribution unit BR Distribuidora SA after bidders failed to emerge for a minority stake, two sources with direct knowledge of the plans said on Friday.
The oil company is mulling a change in strategy for the sale after three of the four bidders that delivered preliminary proposals wanted management rights or a bigger slice of voting stock, said one source, who requested anonymity because details of the plan are private. About 30 companies had initially shown interest in the stake, both sources said.
None of the proposals for BR Distribuidora specified a price for the unit, the sources added. The company, which controls Brazil’s largest gasoline, ethanol and diesel-station network, was valued last year at around $10 billion by UBS Securities analysts.
Brazil Energy Insight 
Leave a comment