BNDES unloads Petrobras shares

BNDES unloads Petrobras shares

Equity Economy & Policy Loans Brazil

Brazil's national development bank BNDES has reduced its stake in Petrobras to less than 20%, the state-owned energy company said in a statement. BNDES and its private equity division BNDESPar sold 121m shares in Petrobras between November 2018 and January 2019, according to Petrobras. "The purpose of the shareholding is strictly for investment purposes and does not aim to alter the shareholding control or the administrative structure of Petrobras," the oil company said. BNDES and BNDESPar pr

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