RIO DE JANEIRO, BRAZIL - Petrobras announced, on Wednesday, July 3rd, the start of the process of reducing its shareholding in its subsidiary BR Distribuidora, by publishing the preliminary prospectus for the public offer of secondary distribution of common shares.
Petrobras Distribuidora or BR is the largest distributor and marketer of petroleum derivatives and biofuels of Brazil and Latin America. A subsidiary of Petrobras, the company has more than 34,000 gas stations in Brazil and has an annual turnover of more than US$25 billion. It was founded in 1971 and is headquartered in Rio de Janeiro.
"The core offering . . .