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Petrobras may raise up to $2.3 bln with BR Distribuidora IPO
November 22, 2017 / 1:04 PM / 20 days ago

Petrobras may raise up to $2.3 bln with BR Distribuidora IPO

SAO PAULO, Nov 22 (Reuters) - Brazilian state-controlled oil company Petróleo Brasileiro SA aims to raise up to 7.5 billion reais ($2.3 billion) by floating a minority stake in its fuel distribution unit, according to a regulatory filing.

Petrobras, as the company is known, is looking to sell as many as 393.2 million shares in its BR Distribuidora SA unit, including supplementary and additional allotments, at a suggested price of 15 reais to 19 reais per share. That would value BR Distribuidora at around 22 billion reais at the top-end of the price range.

$1 = 3.25 reais Reporting by Bruno Federowski Editing by Chizu Nomiyama

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