Brazil’s state oil giant Petrobras is going to seek a valuation of up to $6.8bn for its fuel distribution unit BR Distribuidora SA, according to Reuters.
Petrobras, the world’s most indebted oil company and holder of vast offshore resources, is in the midst of a wide-ranging asset sell-off to reduce its red ink.
In the case of BR Distribuidora it is offering a 25% stake in the company in an initial public offering (IPO) that is set to price on December 13.
Back in August, Petrobras injected the equivalent of $1.95bn in fresh capital into BR Distribuidora in order to improve its balance sheet and attract investors.
