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BNDES sold stake in Petrobras, Brazil gets $5.2 billion

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Christian Fernsby ▼ | February 7, 2020
The Brazilian state development bank (BNDES) unloaded its voting stake in oil giant Petroleo Brasileiro SA, raking in 22 billion reais ($5.2 billion) as part of a wave of asset sales aimed at reversing years of growing government influence in Latin America’s biggest economy.
Business in Brazil   BNDES sold all 734 million shares
BNDES, as the bank is known, sold all 734 million shares, including over allotments, for 30 reais a piece late yesterday, the company said in a regulatory filing.

Topics: BNDES Petrobras Brazil

That’s a discount of less than 2 percent to the closing price, an indication that demand held up well in the face of sinking crude prices. Shares rose more than 1 percent in early trading today to top the offering price.