Rio de Janeiro, June 22, 2017 - Petróleo Brasileiro S.A. – Petrobras reports that its Executive Board, at its meeting held today, has authorized the development of studies for an Initial Public Offer (IPO) of its wholly-owned subsidiary Petrobras Distribuidora S.A. (BR), turning this a subsidiary into a company listed on the B3 stock exchange’s (formerly BM&FBOVESPA) special segment named Novo Mercado, and compliant with the best corporate governance practices. The option for the IPO and secondary public offering of BR shares model, intended to the general market, will be submitted to analysis by the Board of Directors.
The Executive Board understands that, after finishing the previous divestment process, as reported to the market on 31/3/17, the BR IPO can be considered as the best option to capture value, considering the current market situation. If approved, it will be conducted through a secondary public offering of shares, and will have as one of its objectives to promote the dispersion of BR shares.
Launched in the year 2000, Novo Mercado has set, since its creation, a differentiated corporate governance standard, in which companies voluntarily adopt additional corporate governance practices to those required by Brazilian legislation. Listing on this special segment implies the adoption of a set of corporate rules that expand the rights of shareholders, in addition to the adoption of a more transparent and comprehensive information disclosure policy.
This communication should not be considered as advertisement of offer, whose execution will depend on favorable conditions of national and international capital markets, the approval of internal Petrobras and BR bodies, and approval by their respective regulatory, oversight and inspection entities, pursuant to applicable legislation.
Facts deemed relevant on this issue will be timely communicated to the market.