Brazil’s Petróleo Brasileiro SA said on Friday it plans to sell voting control of Petrobras Distribuidora SA after a bidding round for a minority stake in the fuels retailer failed to attract bids that met the state-controlled oil company’s needs.
Petrobras now plans to keep no more than 49 percent of the voting capital of BR Distribuidora, as the fuels unit is known, while remaining the largest shareholder of the company, according to a securities filing and company comments in a conference call.
Petrobras is trying to sell BR Distribuidora, Brazil’s largest fuels distributor, as part of a plan to sell $15 billion of assets by the end of this year. It is selling assets to reduce its debt, the largest of any oil company, in the face of a financial crisis caused by a corruption scandal and falling oil prices.
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