What specific equity divestments did BNDESPar make in Petrobras and Axia Energia this month, according to the sources?

According to four anonymous sources cited by Reuters, BNDESPar sold around 3 billion reais ($597.75 million) worth of Petrobras shares and more than 500 million reais in Axia Energia stock this month. The Petrobras shares sold do not carry voting rights, meaning the transaction had no impact on BNDES’s strategic control or planning. BNDES confirmed it continuously evaluates investment and divestment opportunities but declined to confirm the specific transactions.

Why did BNDES decide to sell these stakes, and how does this align with its broader strategy?

A BNDES source stated the sales were motivated by the fact that 'these are stocks trading at elevated levels, and the bank saw an opportunity to realize gains through the sales.' This aligns with BNDES President Aloizio Mercadante’s September statement that the bank adopted a strategy of divesting from mature companies and traditional sectors to redirect support toward strategic sectors—though he explicitly noted BNDES did not intend to sell its stake in Petrobras overall.

Brazil's BNDES Cuts Stake in Petrobras, Axia Energia, Sources Say

May 22, 2026

Brazil's state bank BNDES sold billions in shares of oil major Petrobras and power company Axia Energia this month, citing elevated stock levels. The move aligns with the bank's strategy to divest from mature traditional sectors.

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