Brazil supreme Court decision clears way for Petrobras asset sales

摘要

Rio de Janeiro-Brazil’s Supreme Court has ruled Petrobras does not need congressional approval to sell its assets, striking down an injunction that blocked the state-led company from carrying out parts of its $26.9 billion divestment program. In a ruling handed down late Thursday, the full Supreme Court decided 6-5 Brazil’s constitution allows state-owned or mixed-capital companies, such as Petrobras, to sell subsidiaries or assets without congressional approval.