Tuesday, December 10, 2019

Saudi Aramco IPO expected to encourage sale of Petrobras shares by BNDES

The success of Saudi Aramco's ipo is expected to encourage the National Bank for Economic and Social Development (BNDES) to engage soon the sale of Petrobras shares that are in its portfolio. The saudi oil company's issue was the largest initial stock offering (IPO) in history. It even surpassed Chinese giant Alibaba by making an offer of $25.6 billion. Despite the size, demand exceeded supply by more than three times. At Petrobras, the development bank has about 19% of the preferred shares and 10% of the common shares (with voting rights), which today are worth about R$ 56 billion. Participation, however, should not be completely undone in 2020. Start. BNDES will start its process of divestment of its billion-dollar variable income portfolio as early as next week, when it will sell its stake in Marfrig and put in the box more than R$ 2 billion. For January, the sale of half of its share in JBS, in an operation of about R$ 8 billion, is on schedule. The second batch will be sold at another time, but still next year. In the bndes schedule for 2020, in addition to Petrobras, sales of the shares of the steel company Tupy and the energy company Copel are also planned. Wanted, BNDES said it "does not comment on its strategy within its invested companies".
O Estado de S.Paulo - 10/12/2019 News Item translated automatically
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