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| Name | Symbol | Market | Type |
|---|---|---|---|
| Petroleo Brasileiro ADR | NYSE:PBR | NYSE | Depository Receipt |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.91 | -5.25% | 16.43 | 16.86 | 16.30 | 16.86 | 26,048,446 | 01:00:00 |
From May 2019 to May 2024
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.
1 Year Petroleo Brasileiro ADR Chart |
1 Month Petroleo Brasileiro ADR Chart |
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