May 22 (Reuters) – Brazil’s state development bank BNDES has cut its stake in state-run oil firm Petrobras and in power company Axia Energia , selling shares from both this month, four sources told Reuters on condition of anonymity.
Petrobras and Axia, along with electric utility firm Copel and meatpacker JBS , account for the largest portion of BNDES’ equity portfolio, which it holds through subsidiary BNDESPar.
One of the sources said that BNDESPar sold this month around 3 billion reais ($597.75 million) worth of Petrobras’ shares, and more than 500 million reais in Axia’s stock.
The person also said the bank divested 280 million reais in Copel in May, bringing total sales from the energy company’s shares to 1.2 billion reais this year.
“These are stocks trading at elevated levels, and the bank saw an opportunity to realize gains through the sales,” a BNDES source said.
BNDES said in a statement that it continuously evaluates investment and divestment opportunities within its portfolio, but did not confirm the transactions.
In Petrobras’ case, the shares sold do not carry voting rights, which means there was no impact on the bank’s strategy and planning, another source added.
Petrobras said it does not comment on ongoing negotiations, while Axia declined a request for comment.
BNDES President Aloizio Mercadante said in September the bank had adopted a strategy of divesting from mature companies and traditional sectors in order to support strategic sectors, but said it did not intend to sell its stake in Petrobras.
In March, BNDESPar acted as the anchor investor in a capital increase for companies within Simpar, including truck rental firm Vamos, car rental company Movida, and road logistics firm JSL.
($1 = 5.0188 reais)
Brazil Energy Insight 
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