Petrobras approves BR Distribuidora IPO

Petrobras approves BR Distribuidora IPO

Brazil Equity

Petrobras’ board has approved a potential all-secondary IPO for its service station unit BR Distribuidora with proceeds going directly to the Brazilian energy company. BR Distribuidora will likely list the shares on Brazil’s Novo Mercado, a segment of its stock exchange governed under stricter rules. Any shares trading on the Novo Mercado must have voting rights. Last month, the state-owned firm reignited talk of a potential IPO for its fuel distributor, almost two years after UBS

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