The National Bank for Economic and Social Development (BNDES) has invited eight banks to broker the sale of part of its Petrobras portfolio shares through a public offering of secondary distribution. The operation is expected to be done by March. . The development bank owns about 19% of the preferred shares and 10% of the common shares (as voting rights) of the oil company, which today are worth about R $ 56 billion.
The federal government is considering compensatory mechanisms for a possible rise in fuel prices if the crisis involving the United States and Iran hits the international oil market any harder, said Mines and Energy Minister Bento Albuquerque after meeting with President Jair Bolsonaro. However, he practically ruled out the possibility of instituting some kind of subsidy.
Grain trader Archer Daniels Midland Co has sold its palm business in Brazil to local player Reflorestadora Moju Acará, according to the Brazilian antitrust watchdog Cade. The deal, whose value has not been disclosed, was part of a broader global portfolio review from ADM with businesses in Brazil that also include soy, corn, wheat and cotton.
Brazilian state lender Caixa Econômica Federal has chosen the bank syndicate that will manage the initial public offering (IPO) of its insurance unit. Morgan Stanley will lead a 10-bank syndicate that expects expect to value it at around 60 billion reais ($14.77 billion). Caixa CEO Pedro Guimaraes wants an IPO in the short term, in March or April.