Brazil-headed oil and gas major Petróleo Brasileiro S.A. (Petrobras) has announced that its wholly-owned subsidiary, Petrobras Biocombustível S.A. (PBio), signed a contract for the sale of its 6.07 percent stake in Bioóleo Industrial e Comercial S.A. (Bioóleo) to 2H Participações Societárias EIRELI, which holds the other 93.93 percent stake in the company.
Following up on the recent disclosure that its wholly-owned subsidiary, Petrobras Biocombustível S.A. (PBio), intended to sell its 6.07 percent stake in Bioóleo Industrial e Comercial S.A. (Bioóleo) to 2H Participações Societárias EIRELI, PBio exercised the put option on its shares issued by Bioóleo, provided for in the termination provision of the Bioóleo Shareholders’ Agreement, in the amount of BRL 102 200 (≈ EUR 22 604).
The transaction was closed together with the signing of the contract for purchase and sale of shares, which enabled the immediate withdrawal from Bioóleo’s shareholding capital. The transaction is in line with Petrobras’ portfolio optimization and better capital allocation, aimed at generating value for its shareholders.
