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Davis Polk Advises Petrobras and BR Distribuidora on Its R$5.1 Billion Initial Public Offering

Davis Polk advised BR Distribuidora S.A. in connection with the initial public offering by Petróleo Brasileiro S.A. — Petrobras, the controlling shareholder of BR, of 334,937,500 common shares of BR (including the full exercise of the underwriters’ over-allotment option) for an aggregate amount of R$5.1 billion (approximately $1.6 billion). The common shares trade on the São Paulo Stock Exchange. Common shares sold in the international offering were placed under Rule 144A and Regulation S.

Headquartered in Rio de Janeiro, Brazil, BR is the largest fuel and lubricant supplier in Brazil in terms of volume of sales and a subsidiary of Petrobras, the largest oil company in Brazil.

The Davis Polk corporate team included Manuel Garciadiaz, Elliot M. de Carvalho and Lourenco Lopes-Sabino. Michael Mollerus and Dao Fu provided tax advice. Sijia Cai provided Investment Act advice. Members of the Davis Polk team are based in the São Paulo and New York offices.