August 28, 2017 |
BR Distribuidora will get a BRL6.3bn ($2bn) capital injection from parent Petrobras in a bid to woo equity investors ahead of a potential IPO.
State-owned energy company Petrobras said in a securities filing that the board had approved the corporate restructuring, along with the capital increase.
It also said BR Distribuidora’s receivables, or CCDs, would be merged into another Petrobras unit, Downstream Participacoes. Downstream will later be consolidated by Petrobras.
The capital injection
Brazil’s state-owned energy company will provide its fuel distributor with roughly $2bn in a bid to woo equity investors