Brazil’s Petrobras sends documents to potential bidders of fuel unit

State-controlled oil company Petróleo Brasileiro SA (PETR4.SA) has sent documents to potential bidders presenting the sale of subsidiary Petrobras Distribuidora SA, formally launching a reworked plan to sell a stake in the fuel unit.

In a securities filing on Monday, Petrobras said an unidentified financial advisor will oversee the sale of a 51 percent voting stake in the unit, commonly known as BR Distribuidora. The new model “attracts more interest from the market and aims to maximize value in the business,” the filing added.

(Reporting by Ana Mano; editing by Grant McCool)

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