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Brazil judge OKs sale of Petrobras unit to Mitsui
Aug 24 2016, 08:25 ET | About: Petrobras - Petroleo Brasil... (PBR) | By: Carl Surran, SA News Editor
A Brazilian federal judge rules in favor of a 1.9B real ($593M) sale of a minority stake in a Petrobras (NYSE:PBR) subsidiary to Mitsui (OTCPK:MITSY).
PBR last December completed the sale of a 49% stake in its Gaspetro natural gas distribution unit to Mitsui, but a judge blocked the sale under allegations that the deal did not meet certain transparency requirements.
A different judge now is allowing the sale, saying the previous judge’s order was without merit.
Aug 24 2016, 08:25 ET | About: Petrobras - Petroleo Brasil... (PBR) | By: Carl Surran, SA News Editor
A Brazilian federal judge rules in favor of a 1.9B real ($593M) sale of a minority stake in a Petrobras (NYSE:PBR) subsidiary to Mitsui (OTCPK:MITSY).
PBR last December completed the sale of a 49% stake in its Gaspetro natural gas distribution unit to Mitsui, but a judge blocked the sale under allegations that the deal did not meet certain transparency requirements.
A different judge now is allowing the sale, saying the previous judge’s order was without merit.