Brazilian state-owned bank Caixa Economica Federal is close to selling a 9-billi...
SAO PAULO - Brazilian state-owned bank Caixa Economica Federal is close to selling a 9-billion-real stake it owns in oil company Petroleo Brasileiro SA, two sources with knowledge of the matter said on Tuesday.
The share offering of the 2.3 percent stake owned by Caixa in Petrobras, as the oil company is known, depends on the publication of a new presidential decree authorizing the sale, the sources said, asking not to be named as the plans had not been made public. Once the new decree is signed, Caixa will hire investment banks to help manage the secondary share offering.Caixa plans to use the proceeds to pay off roughly 40 billion reais in convertible bonds sold to the Brazilian government between 2007 and 2013.
The sale of the Petrobras stake will be the second divestiture led by Caixa since Chief Executive Pedro Guimaraes took the helm at the state bank last month, after the sale of a 2.4 billion reais stake in reinsurer IRB Brasil Resseguros SA. The IRB share offering will be priced later on Tuesday.
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