Petrobras raises 2017 fundraising forecast, lowers divestment guidance

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

A day after posting Q3 earnings that missed analyst expectations for a sharp increase, Petrobras (PBR -6.7%) says it expects to raise $22B this year compared with a previous target of $13B, but also expects to receive $7B from divestments this year, below the $8B it previously expected.

PBR had promised to sell off $21B in assets during 2017-18 but has been slowed by court decisions freezing asset sales.

PBR also says it expects its final cash balance to reach $21B this year, compared with $20B in an earlier forecast.

The company says the BR Distribuidora IPO could still move forward this year; Reuters says the IPO could be priced in the third week of December.

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