BNDES raises $5.2bn selling Petrobras stake

Brazil’s development bank BNDES has sold $5.2 billion in common shares it owned in state-controlled oil company Petrobras, two sources said.

Petrobras priced the offering at BRL30 per common share, a discount of 1.57% relative to Wednesday’s closing price. BNDES sold BRL22 billion in shares, the sources added. The BNDES stake sale is the largest Petrobras offering in a decade. The investment banking units of Credit Suisse, Bank of America, Banco Bradesco SA, Banco do Brasil SA, Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley and XP Inc managed the offering. 

BNDES has said publicly it will send part of the profits to Brazil’s Treasury as dividends.