Since the Michel Temer administration, Caixa (Brazil’s largest exclusively government-owned bank) has gone about cutting costs. Last year, the bank proposed a voluntary redundancy program aiming at BRL 324 million in savings. Now, it has confirmed its much-anticipated plan to sell off shares in Petrobras shares. According to an offering reported to the Securities and Exchange Commission, Caixa wants to raise BRL 7 billion.
The 241 million shares to be offered amount to 2.8 percent of Petrobras total capital—and 3.2 percent of the company’s ordinary shares. It will increase the liquidity of voting capital, which currently has a free-float of only 36.4 percent....
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