Petrobras and former BR Distribuidora seek greater gains; and the actions?

Today we are going to talk about the possibility of Petrobras (PETR4) exchanging stake in Braskem for operating assets of the company and about two new advertisements in Vibra Energia (former BR Distribuidora, BRDT3).

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Check out the analysis by Felipe Bevilacqua, analyst and founding partner of the analysis house Levante Ideias de Investimento. Every day, Bevilacqua brings you news and analysis from publicly traded companies so you can make the best investment decisions. This content is exclusive to UOL subscribers.

Petrobras wants to exchange stake for Braskem assets

The possibility of Petrobras (PETR3/PETR4) exchanging part or all of its stake in Braskem (BRKM5) for physical operating assets in the Southeast, close to the company’s refining park, which will not be sold, has been publicized on the market.

A few weeks ago, Novonor announced that it would evaluate the possibility of slicing the sale of Braskem into assets, because this format attracts greater interest from international companies and investors. We see this change in plans as positive for Petrobras and, depending on the approach, positive for Braskem shareholders as well.

On the part of Petrobras, which has streamlined a large part of its structure, streamlined operations and met its goal of reducing its gross debt to around US$ 60 billion, the incorporation of Braskem’s assets could generate important synergies. It will allow the verticalization of the oil production chain, with Exploration and Production, Refining and Refining derivatives (except fuel), with geographic proximity and sharing of logistics and storage infrastructure.

Former BR Distribuidora, Vibra Energia seeks a more profitable structure

Vibra Energia (BRDT3, former BR Distribuidora) made two announcements to the market yesterday (30): the creation of a joint venture (JV) with Copersucar to commercialize ethanol and an agreement with Prisma Capital to create a real estate fund for gas stations with Petrobras flag.

In the case of the JV, Vibra will pay R$4.999 million to acquire 49.99% of ECE (Ethanol Trading Company), while Copersucar will keep the remaining stake. The closing of the operation depends on the approval of Cade (Administrative Council for Economic Defense) and ANP (National Agency for Petroleum, Gas and Biofuels).

Upon completion of the transaction, the companies will invest R$440 million in the JV, in proportion to their stakes. Currently, Vibra handles between 6 and 6.5 billion liters of ethanol per year in its distribution activity, while Copersucar handles between 4.5 and 5 billion liters from its associated plants, which should make the JV the largest ethanol trader in Brazil and one of the largest in the world.

ECE will also import and export ethanol and will be able to buy ethanol from other manufacturers and sell it to other companies, including other distributors, increasing its capillarity and market reach.

In the statement about the real estate fund, Vibra explained that the deal will be managed by Prisma Capital, which will have 15% of the shares, and the intention is to list and negotiate the fund in the future on the market. The fund may have up to 238 properties of Vibra, valued at around R$ 644 million. The company will be able to sell the stations directly to the current operators, enabling immediate monetization. Even after the sale, the service stations must continue under the Petrobras brand, as stipulated in the contract.

Both news are positive for Vibra Energia which, despite leading the market, changes its structure to become more efficient and profitable. The JV allows for gains of scale, greater bargaining power and an important role in the energy transition. The agreement with Prisma, on the other hand, reduces fixed capital in real estate and allows Vibra to raise funds to invest in its main business strategy, which generates greater returns.