據(jù)《石油世界期刊》7月1日圣保羅報道，巴西國家石油公司(Petroleo Brasileiro SA)通過出售其在巴西最大燃料分銷商Petrobras Distribuidora SA 的剩余股份籌集了約23億美元，這是今年拉丁美洲最大的一筆股權(quán)交易。

　　據(jù)該公司提交的文件顯示，該公司以26雷亞爾(合5.23美元)的發(fā)行價完全退出Petrobras Distribuidora SA 。此次出售是該石油巨頭退出非核心業(yè)務(wù)、削減債務(wù)并專注于深水項目的更廣泛計劃的一部分。

　　裁員也是政府剝離國有資產(chǎn)戰(zhàn)略的一部分。私有化運動是巴西經(jīng)濟部長保羅·蓋德斯（ Paulo Guedes ）在 2019 年上任時的主要承諾之一，但在過去一年的大部分時間里，這場流行病顛覆了巴西經(jīng)濟。在獲得國會批準出售公用事業(yè)巨頭 Eletrobras 后，政府最近取得了勝利，激發(fā)了投資者的樂觀情緒。

　　剝離之際，巴西資產(chǎn)正在反彈。雷亞爾匯率接近一年來的最高水平，Ibovespa 股票指數(shù)本月早些時候創(chuàng)下歷史新高，政府周二在國際債券市場發(fā)債。這個南美國家是世界上最大的原材料出口國之一，預(yù)計到 2021 年增長率將超過 5 %。

　　周三的這筆交易——今年迄今為止在拉丁美洲最大的一筆——籌集了約 114 億雷亞爾。4·36875億有表決權(quán)的該股份，相當于持有公司37.5%的股份。根據(jù)彭博社匯編的數(shù)據(jù)顯示，這也是至少自 1990 年以來該國最大的五家二級市場之一。

　　2017年，巴國油在BR Distribuidora首次公開募股(IPO)期間，開始從該公司剝離業(yè)務(wù)。兩年后，該公司在公開募股中出售了對該公司的控制權(quán)，獲得了22億美元的收入，并結(jié)束了政府對該行業(yè)最大公司的控制。

　　美銀分析師弗蘭克·麥克甘(FrankMcGann)在6月13日的一份報告中寫道，進一步的撤資為巴西國家石油公司的資產(chǎn)出售計劃做出了重大貢獻，同時也鞏固了BR Distribuidora的獨立性。

　　BR Distribuidora在巴西各地擁有8000多家加油站和1000多家便利店，該公司第一季度業(yè)績有所增長，最近開始采取削減成本的措施，包括裁員。今年以來，股市上漲了 21 %，超過該國主要股指約14個百分點。

　　瑞吉卡多佐( Regis Cardo so )領(lǐng)導(dǎo)的瑞信( Credit Suisse )分析師在 6 月 29 日的一份報告中寫道，該股“在交易完成后將繼續(xù)保持良好勢頭，因為它消除了拖累股價的過剩壓力”，以及與國有控股公司相關(guān)的風險。卡多佐重申了他的超預(yù)期評級，并將他的目標價從 32 雷亞爾上調(diào)至39雷亞爾。

　　在前首席執(zhí)行官布蘭科(Roberto Castello Branco)的領(lǐng)導(dǎo)下，巴西國家石油公司加快了剝離非必要資產(chǎn)的努力。布蘭科今年早些時候被前將軍若阿金?席爾瓦?盧納(Joaquim Silva Luna)取代。

　　該股占巴西 I bovespa 股票指數(shù)的 10 %，今年以來一直落后于基準指數(shù)的上漲，以當?shù)刎泿庞嬎闵蠞q約 4 %，而該指數(shù)上漲近 7 %。

　　不過，分析師大多對巴西國家石油公司的前景持樂觀態(tài)度，此前該石油公司在第一季度財報中實現(xiàn)了盈利并削減了債務(wù)，這增強了人們對該公司新方向下派息的樂觀態(tài)度。據(jù)彭博數(shù)據(jù)顯示，該優(yōu)先股有 10 個買入建議， 3 個持有， 1 個賣出。

　　郝芬 譯自 《石油世界期刊》

　　原文如下:

　　Petrobras raises $2.3 billion in sale of BR Distribuidora remaining shares

　　Petroleo Brasileiro SA raised about $2.3 billion through the sale of its remaining stake in Brazil's largest fuel distributor in the biggest equity transaction in Latin America this year.

　　Petrobras, as the company is known, fully exited Petrobras Distribuidora SA in an offering that priced at 26 reais ($5.23) a piece, according to company filings. The sale is part of a broader plan from the oil giant to exit non-core businesses, cut debt and focus on deep-water projects.

　　The downsizing is also part of the government's strategy to divest state-run assets. The privatization drive, one of the main promises of Economy Minister Paulo Guedes when taking office in 2019, has been on hold for most of the past year after the pandemic upended the economy. The government recently scored a victory after gaining congressional approval to sell utility giant Eletrobras, stoking investor optimism.

　　The divestment comes amid a rally in Brazilian assets. The real is trading near its strongest level in a year, the Ibovespa stock index hit a record earlier this month and the government tapped the international bond market Tuesday. The South American nation, one of the world's biggest exporters of raw commodities, is now expected to grow more than 5% in 2021.

　　Wednesday's transaction -- the biggest in Latin America so far this year -- raised about 11.4 billion reais. The stake, 436,875,000 voting shares, was equivalent to 37.5% of the company. It's also one of the five-largest secondary offerings in the country since at least 1990, according to data compiled by Bloomberg.

　　Petrobras started divesting from BR Distribuidora in 2017 during the company's initial public offering. Two years later, it sold control of the firm in a public equity offering, raking in about $2.2 billion and ending government control over the biggest player in the industry.

　　Further divestment brings a significant contribution to Petrobras's asset-sale program, while also cementing BR Distribuidora's independence, BofA analyst Frank McGann wrote in a report dated June 13.

　　BR Distribuidora, which owns over 8,000 gas stations and more than 1,000 convenience stores across Brazil, reported gains in the first quarter and has recently embarked on cost cutting measures, including staff reductions. Shares are up 21% this year, outperforming the country's main stock gauge by about 14 percentage points.

　　The stock is “set to continue to have a good run after the deal is completed, as it removes the overhang that weighed on the shares,” as well as risks tied to state-controlled firms, Credit Suisse analysts led by Regis Cardoso wrote in a report dated June 29. Cardoso reaffirmed an outperform rating and boosted his price target to 39 reais from 32.

　　Petrobras accelerated efforts to divest non-essential assets under former chief Roberto Castello Branco, who was replaced by former general Joaquim Silva e Luna earlier this year.

　　The shares, which account for about 10% of Brazil's Ibovespa Stock Index, have trailed the benchmark's advance so far this year, gaining about 4% in local currency terms compared with a nearly 7% rise for the gauge.

　　Still, analysts are mostly positive on Petrobras's outlook after the oil company posted a profit and cut debt in the first-quarter results, boosting optimism for dividend payments under the company's new direction. The preferred stock has 10 buy recommendations, three holds and one sell, Bloomberg data show.

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