Brazil’s Petrobras plans to give up its majority voting interest in Latin America’s largest distributor of petroleum derivatives and ethanol, Petrobras Distribuidora SA, according to Reuters.
The decision to put more than 50% of its voting capital in the distributor on the market reflects the dissatisfaction Petrobras has felt with the offers received so far.
The world’s most indebted oil company is in the process of divesting many assets and streamlining its operations as it tries to repair damage it has suffered from the oil-price slump and from a massive bribes-for-inflated-contracts scandal that has rocked the nation.
Even with this decision, Petrobras plans to retain its dominant share of Petrobras Distribuidora profits by keeping a large stake in non-voting, preferred shares.
Petrobras, with debts of around $130bn, had hoped to attract offers of around $12bn for the fuel unit but as of last month had received bids of only half that much.
Petrobras Distribuidora has more than 7,000 gas stations across Brazil and Latin America.