MercoPress. South Atlantic News Agency

Brazil's development bank BNDES sells shares in Petrobras

Petrobras priced the offering at 30 Reais per common share, a discount of 1.57% relative to Wednesday's closing price. BNDES sold 22 billion reais in shares

Brazil's development bank BNDES sold US$5.2 billion in common shares it owned in state-controlled oil company Petrobras. The company priced the offering at 30 Reais per common share, a discount of 1.57% relative to Wednesday's closing price. BNDES sold 22 billion reais in shares.

The BNDES stake sale is the largest Petrobras offering in a decade. The investment banking units of Credit Suisse, Bank of America, Banco Bradesco SA, Banco do Brasil SA, Citigroup Inc, Goldman Sachs Group Inc, Morgan Stanley and XP Inc managed the offering.

BNDES has said publicly it will send part of the profits to Brazil's Treasury as dividends. The sale of Petrobras shares is the largest divestiture so far of the 110 billion-real stock portfolio owned by the development bank.

BNDES has yet to divest from the preferred shares it owns in Petrobras.