Petrobras shareholders approve US$5bn sale of pipeline unit

Thursday, December 1, 2016

Shareholders of Brazil's state-run oil company Petrobras have approved the sale of a 90% stake in pipeline unit Nova Transportadora do Sudeste (NTS) to a group led by Canada's Brookfield Asset Management.

The vote during an extraordinary general meeting in Rio de Janeiro came almost a month after the company's board agreed to sell the unit to Nova Infraestrutura Fundo de Investimento em Participações for US$5.19bn.

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In a securities filing, Petrobras said shareholders also approved the appointment of Marcelo Mesquita de Siqueira Filho to the company's board.

In addition, the meeting ratified changes to company statutes aimed at increasing transparency and improving corporate governance, Petrobras said.

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