RIO DE JANEIRO: Brazilian state-run oil firm Petroleo Brasileiro SA has begun the teaser phase for the sale of its liquefied petroleum gas distribution unit, known Liquigas Distribuidora, the firm said in a filing on Friday.

The teaser phase is the first step in the divestiture process. In February, Reuters reported that Petrobras, as the firm is widely known, had hired the investment banking unit of Banco Santander Brasil SA to revive the sale.

Copyright Reuters, 2019

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