BNDES reduces shareholding in Petrobras

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Tuesday, February 27, 2018

Brazilian development bank BNDES and its wholly owned subsidiary BNDESPar have sold preferred shares issued by Petrobras, the state-run oil firm reported Monday.

Between them, BNDES and BNDESPAR had 1,411,650,454 preferred shares as of February 20, representing 25.199% of the total preferred shares issued by Petrobras. In the period from February 21-23, BNDESPAR sold 19,969,000 preferred shares, so BNDES and BNDESPAR jointly started securitizing a total of 1,391,681,454 preferred shares, representing 24.842% of the total preferred shares issued by the company, falling below the level of 25%.

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Petrobras underscored that the purpose of the shareholding is strictly for investment purposes and that it does not aim to alter its shareholding control or administrative structure.

The Brazilian NOC added that BNDES and BNDESPar have not entered into any contracts or agreements that govern the exercise of voting rights or the purchase and sale of securities issued by Petrobras.