Reuters: Petrobras considers giving up control of fuel distribution unit
Mar 18 2016, 12:54 ET | About: Petrobras - Petroleo Brasil... (PBR) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Petrobras (PBR -0.8%) is considering selling control of its BR Distribuidora fuel distribution unit after bidders failed to emerge for a minority stake, Reuters reports.PBR may change its strategy for the sale after three of the four bidders that delivered preliminary proposals wanted management rights or a bigger slice of voting stock, according to the report.BR Distribuidora, which controls Brazil's largest gasoline, ethanol and diesel station network, was valued last year at ~$10B by UBS.