Petrobras begins sale of Brazil's largest fuel distributor

Brazil's state-run company Petrobras has started the process of selling a 51% stake in its fuel distributing unit, the company confirmed last Tuesday, according to BN Americas.

The troubled energy company sent out a teaser to a number of selected companies which could be interested in the acquisition of BR Distribuidora, Petrobras´ fuel distributing unit that has a network of more than 7,000 gas stations.

"The selection of companies that received the teaser was based on objective criteria, in conjunction with a financial institution specializing in mergers and acquisitions ...," said Petrobras.

A 51% stake in BR Distribuidora, Brazil´s largest fuel retailer, could be worth as much as $6 billion, according to sources cited by Bloomberg.

Oil giant Vitol, private equity firms such as GP Investimentos and Advent International Corp, and a group of Brazilian bankers have emerged as possible candidates to make an offer for the fuel distribution business.