Brazil’s Petrobras Approves IPO of BR Distribuidora

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The board of directors at Brazil’s oil giant Petrobras, announced that it had authorized the sale of 25 percent of stock from its subsidiary, BR Distribuidora. The state-owned oil giant wants sell part of its stock to improve the company’s financial situation.

For the first six months of 2015, Petrobras’ net income totaled R$5.86 billion, down by 43 percent from the same period in 2014. Currently, all stock from BR Distribuidora is controlled by Petrobras. The company, however, noted that the sale of stock would . . .

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