Petrobras sells stake in ethanol JV for $133 million as part of divestment program

摘要

Petrobras Biocombustível (PBIO; Rio de Janeiro, Brazil), a wholly owned subsidiary of Petrobras (Rio de Janeiro), has sold its 49% stake in the joint venture (JV) Nova Fronteira Bioenergia (Quirinópolis, Brazil) to its partner S?o Martinho (Pradopolis, Brazil). PBIO will receive 24 million new common shares issued by S?o Martinho, representing 6.593% of its voting and total capital stock, in proportion to the shares that Petrobras holds in Nova Fronteira. These shares will not be subject to any kind of lock-up and PBIO can sell its interest in S?o Martinho in the future, Petrobras adds.