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Petrobras might replace fuel unit CEO ahead of IPO, paper says

SAO PAULO -- State-controlled Brazilian oil producer Petr?leo Brasileiro SA plans to replace the head of fuel distribution subsidiary BR Distribuidora SA ahead of an initial public offering plan for the unit this year, Valor Econ?mico newspaper s...

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Agweek

SAO PAULO -- State-controlled Brazilian oil producer Petróleo Brasileiro SA plans to replace the head of fuel distribution subsidiary BR Distribuidora SA ahead of an initial public offering plan for the unit this year, Valor Econ'mico newspaper said on Wednesday.

According to Valor, the company commonly known as Petrobras will hire an executive recruiting firm to look for a replacement for BR Distribuidora Chief Executive Officer José Lima de Andrade Neto. The newspaper did not say how it obtained the information.

Petrobras Chairman Murilo Ferreira, who on Aug 8 voted against the IPO plan for BR Distribuidora, recommended replacing Andrade Neto, Valor said. Petrobras did not have an immediate comment on the report.

Reuters recently reported that Petrobras wanted to list BR Distribuidora, which controls Brazil's largest gasoline, ethanol and diesel service-station network, before the end of the year.

Petrobras hired Citigroup Inc to advise on strategic options for BR Distribuidora, a source told Reuters last week. Citigroup will work on the plan with the investment-banking units of Banco Bradesco SA, Itaú Unibanco Holding SA , Banco do Brasil SA, Morgan Stanley & Co and Bank of America Corp, the same source added. 

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