Petrobras sells remaining shareholding in Sao Martinho for $137 million

In Brazil, Petrobras sold its remaining 24 million shares in Sao Martinho, worth 6.59% of the company, at an auction held at the Sao Paulo B3 exchange for $137 million. The companies had previously collaborated on ethanol plants but Petrobras backed out in 2016 as it began reorganizing its assets that later became a fire sale to pay down more than $1 billion in debt. The oil giant has since all but left the biofuel industry, eliminating all of its ethanol assets and many of its biodiesel assets.