Petrobras offloads half of BSBios

Petrobras offloads half of BSBios

Debt Equity Corporate & Sovereign Strategy Economy & Policy M&A Renewable Brazil Latin America

Brazil's state-owned oil company Petrobras said Friday that a subsidiary agreed to sell a 50% stake in biofuels producer BSBios to its partner in the joint venture, RP Participações em Biocombustíveis (RP Bio). The subsidiary, Petrobras Biocombustível (PBio), expects to earn BRL319 million ($62.6 million) from the sale after deductions for debt and price adjustments, Petrobras said in a securities filing. The deal values BSBios at BRL1.24 billion, it added. RP Bio, founded by BSBios CEO Erasmo C

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