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Tuesday, March 17, 2015

Brazil's Petrobras hires banks to handle asset sales, Folha says, (NYQ: BAC)

State-controlled Petr�leo Brasileiro SA hired several investment banks to help sell $13.7 billion worth of assets including gasoline stations, stakes in oil fields and electricity investments, Folha de S. Paulo reported on Monday. Folha, which did not say how it obtained the information, said that Rio de Janeiro-based Petrobras, as the company is known, put those assets on the block as fallout from a massive corruption scandal curbed access to capital market funding.According to the paper, Petrobras hired Bradesco BBI to help manage the sale of a stake in Petrobras Distribuidora, the owner of more than 7,500 gasoline stations in the country. The size of that stake is yet to be defined, the paper added.Ita� BBA was hired to help Petrobras fully or partially exit the natural gas distribution sector, Folha said, adding that the divestment of 21 thermal electricity plants will be handled by Bradesco BBI.Likewise, Ita� BBA won a mandate to coordinate the sale of hundreds of gasoline stations that Petrobras owns in Argentina, Colombia, Paraguay and Uruguay, the paper said. Potential sales of stakes in some oil fields are being considered, with Bank of America Merrill Lynch among candidates for the mandate, Folha said.

Bank of America Corporation (Bank of America) is a bank holding company and a financial holding company. Shares of BAC traded higher by 0.25% or $0.04/share to $16.13. In the past year, the shares have traded as low as $14.37 and as high as $18.21. On average, 95925296 shares of BAC exchange hands on a given day and today's volume is recorded at 63424851.