Brazil Pushes Its Great Downsizing and Rakes In $5.2 Billion
- BNDES plans other asset sales after unloading Petrobras stake
- Strategy aims to unwind years of growing government influence
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The Brazilian state development bank unloaded its voting stake in oil giant Petroleo Brasileiro SA, raking in 22 billion reais ($5.2 billion) as part of a wave of asset sales aimed at reversing years of growing government influence in Latin America’s biggest economy.
BNDES, as the bank is known, sold all 734 million common shares, including over-allotments, for 30 reais apiece, according to a regulatory filing. That represented a slight discount to Wednesday’s close, signaling demand held up well in the face of sinking crude prices. Petrobras today surged as much as 5% to 31.99 reais.