Brazil’s Petrobras Free to Sell Shares of Subsidiary

A Federal Court in Sergipe is allowing the oil giant to continue its divestment program, by permitting it to sell its shares of BR Distribuidora.

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – A Federal Court in Sergipe, Brazil announced on Monday it was dismissing a legal action intended to suspend Petrobras’ sale of its shares in one of its subsidiaries, BR Distribuidora, paving way for the oil giant to continue its plan of divestment.

According to the court, the continuation of the divestment program should follow the system approved by the company's executive board, in accordance with the agency's guidelines. The court also determined the resumption of Subscribe to our Premium Membership Plan. Already Subscribed?