Petrobras’ Executive Board, at a meeting held on June 30, 2015, authorised studies to be prepared analysing strategic alternatives for its wholly-owned subsidiary Petrobras Distribuidora S.A.
Among the possibilities to be explored is attracting a strategic partner and a public offering, making this subsidiary a listed company in a special segment of the BM&FBovespa stock market called Novo Mercado - New Market and in compliance with corporate governance practices.
This initiative is part of Petrobras’ Divestment Plan and, if this offering takes place, it will be through a secondary public offering of shares issued by that company.
All acts needed for the public offering are subject to the approval of Petrobras and Petrobras Distribuidora internal bodies, as well as the analysis and approval of the respective regulatory entities, supervisors and authorities, according to applicable law.
Edited from source by Elizabeth Corner
Read the article online at: https://www.worldpipelines.com/business-news/03072015/petrobras-to-consider-po-for-distribution-subsidiary/