Petrobras seeks to divest 45.9% Guarani stake by year’s end

In Brazil, Petrobras has hired Banco Itau BBA to sell its 45.9% stake in Guarani, the sugar and ethanol producer jointly owned by Tereos International that represents the oil company’s entire ethanol production capacity via seven mills. Tereos, which owns 54.1% of the sugarcane company, is the expected frontrunner to purchase Petrobras’ shares. It is represented by Banco do Brasil in the transaction that could be completed by year’s end when Petrobras hopes to offload more than $15 billion in assets, having already sold $10 billion so far.