1 Min Read
SAO PAULO, June 22 (Reuters) - Management at Petróleo Brasileiro SA will pursue an initial public offering of fuel distribution unit BR Distribuidora, Chief Executive Officer Pedro Parente said on Thursday, as Brazil's state-controlled oil company aims to cut debt and capital spending in low-return activities.
Speaking at an event in São Paulo, Parente said the plan will be delivered for board approval shortly. While management is still analyzing how to structure the plan for an IPO of BR Distribuidora, Parente said the move seems the most appropriate to create "more value for Petrobras," as the oil firm is known. (Reporting by Lais Martins; Writing by Alexandra Alper and Guillermo parra-Bernal; Editing by Dan Grebler)