BNDES to raise R$22bn with offering of Petrobras shares
The Brazilian Development Bank (BNDES) will be the protagonist of the largest stock offering of the last ten years this week, with the sale of its voting shares in Petrobras. The price was defined Wednesday evening, at R$30, according to sources. It represents a discount of only 1.57% to the closing price on Wednesday, of R$30.48.
According to two sources, there was enough demand for the base offering of R$18.35 billion and also the additional tranche of R$3.7 billion. Thus, if that happens, BNDES will raise R$22 billion, the largest offering since 2010, when Petrobras raised R$120 billion. BNDES's base offering already secured R$18.4 billion. There was relevant demand from foreign investors.
The company and the bank had not made an official announcement by this edition's close. The sale will be simultaneously in the Brazilian and American markets. BNDES held American Depositary Shares of the state-run oil producer in the US.
This is the most relevant step so far of the BNDES divestments. The bank aims to reduce its equity portfolio to as close to zero as possible. BNDES still holds preferred shares in Petrobras, not included in the offering.
Since December, BNDES has also sold shares in meatpacker Marfrig, in a R$3 billion offering, and in power utility Light, at different sessions. The next big transaction is likely to be an offering to sell shares it holds in food company JBS, for...
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