Banking families to bid for control of Petrobras distribution
SAO PAULO/RIO DE JANEIRO — The Brazilian bankers that joined forces last decade to form Latin America’s largest lender were seeking to buy control of the country’s giant fuel distribution business from Petrobras, people with direct knowledge of the matter said.The Setubal and Vilella families’ Itausa Investimentos Itau and the Moreira Salles family’s Cambuhy Investimentos were planning to make a joint bid for a controlling stake in Petrobras’s BR Distribuidora in a deal that could reach $6bn, the people said, asking not to be identified because the discussions were private.Vitol Group, the world’s largest independent oil trader, and private equity firms GP Investimentos and Advent International were also considering an offer, the sources said.Petrobras had started sending material with information on the unit to prospective partners, the company said in a filing on Monday. Binding offers would be made in 2017, CEO Pedro Parente said on September 21. The company aims to sell 51% of B...
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