The National Bank for Economic and Social Development (BNDES) has received US$5.17 billion for the sale of its 9.86% stakes in the state-controlled oil company Petroleo Brasileiro, commonly known as Petrobras. 

The first package of 611,835,586 Petrobras common shares held by BNDES, was offered both in Brazil and abroad in an operation that concluded on Wednesday and whose paper value was thirty reais, about U$7.07. An additional lot with up to 20% of the shares was also negotiated and with sales concluded to reach 22,000 million reais.

The operation will allow BNDES to capitalize and improve Brazil's public accounts in 2020, because the Government reduces its participation in the oil company, but maintains control.

Petrobras' paper sales did not include, for now, the shares of the oil company that is in the hands of the BNDESPar fund, one of BNDES' subsidiaries.

Once the operation is confirmed, BNDES will remain with 0.16% of Petrobras' ordinary shares, while BNDESPar will hold 19.05% of the preferred, non-voting, titles of the oil company, but the possibility of a future sale of such papers.