Brazil's state-controlled oil firm Petrobras announced the selling its interest in BR Distribuidora. In a note released Monday (Oct. 3) on Petrobras's web page, the company also reports that the selection of companies to be sent the teaser ad “was based on objective criteria, and was carried out in partnership with the financial institution that specializes in mergers and acquisitions, hired to provide support in the selling process.”

The decision was made as part of a plan devised by the administration board in July this year on the so-called control sharing, whereby the company is to sell 51% of BR's total stock, preserving 49% of the voting stock—a model that “draws more interest from the market and aims to maximize the value of the fuel distribution business, meet our strategic goals and keep the operation integrated in the oil chain.”

With the sale of assets, Petrobras seeks to strengthen its coffers, which suffered losses adding up to $10.76 billion in 2015, stemming from internal corruption, mismanagement, and the low price of oil in the international market.