Petrobras Looks to Sell Stake in Ethanol Producer
October 21 2016 - 9:10AM
Dow Jones News
SÃ O PAULO—Brazilian state-run oil company Petró leo Brasileiro
SA, or Petrobras, on Friday said it is in talks to sell its stake
in sugar and ethanol producer Guarani SA to France's Tereos
Internacional.
Petrobras is planning to sell its 45.9% stake in the company and
it hired Banco Itaú BBA, to advise the sale process. It didn't
provide an estimated financial figure for the transaction.
The proposed sale is part of Petrobras' plan to sell certain
assets to reduce debt.
The company is planning to sell a total $15.1 billion of assets
by the end of this year, and $19.5 billion of assets in
2017-18.
With the ambitious asset-sale plans, it seeks to reduce its
ratio of net debt to earnings before interest, taxes, depreciation
and amortization to 2.5 times in 2018; it was 5.3 times at the end
of 2015. Petrobras ended the second quarter with total debt of
$123.92 billion.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 21, 2016 08:55 ET (12:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Petroleo Brasileiro ADR (NYSE:PBR)
Historical Stock Chart
From Apr 2023 to Apr 2024
