SAO PAULO (Reuters) - Brazil’s Petrobras (PETR4.SA) said on Wednesday that a federal court struck down an injunction that had stopped the sale of the state-controlled oil company’s stake in thermal power station operator TermoBahia to France’s Total (TOTF.PA).
Petroleo Brasileiro, as the company is formally known, had agreed to sell its 50 percent stake in TermoBahia to Total in a $2.2 billion deal signed in December.
Petrobras said the Federal Regional Court for the Fifth Region on Tuesday had reversed an injunction granted in August by a lower court.
The Brazilian company is in the midst of a campaign to sell $8 billion worth of assets this year as it seeks to reduce its debt burden.
Reporting by Laís Martins, writing by Jake Spring