Sale of state only with approval of the Congress, decides STF

The Federal Supreme Court (STF) voted to ban the sale of state without endorsement of the National Congress and without bidding when the transaction implies loss of shareholder control. However, the majority of the court voted for the release of the sale of subsidiaries without the need for authorization from the legislative power, and also for state governments and prefectures.

According to the Ministry of Economics, the federal government has 134 state-owned companies, being 88 subsidiaries. After the supreme decision, Petrobras should carry out its schedule of Deinvestment plan valued at a collection of about US $32.3 billion. The main subsidiaries that make up the company's asset sales schedule are BR Distribuidora, Gaspetro, Liquigás, TAG and eight refineries.

Subsidiary is a company that is subdivided and controlled by a "parent company". In the case of Petrobras, for example, the state-owned parent company has 36 subsidiaries.

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