Anyone buying shares of Petrobras, Axia or Copel might be picking up papers that the federal government itself just sold. BNDESPar — the investment arm of BNDES — sold in May around R$ 3 billion in Petrobras shares (PETR4), over R$ 500 million in Axia papers (AXIA3) and R$ 280 million in Copel shares (CPLE3), totaling approximately R$ 3.78 billion, according to sources cited by Reuters and confirmed by BNDES president Aloizio Mercadante at an event in Rio de Janeiro this Thursday. ✓
Press quotes (2)
"De acordo com uma das fontes, que falou sob condição de anonimato, a BNDESPar vendeu, neste mês, até o momento, cerca de R$ 3 bilhões em ações de Petrobras, e mais de R$ 500 milhões em papéis da Axia, a antiga Eletrobras. A mesma fonte disse que o banco também se desfez, neste mês, de R$ 280 milhões em ações da Copel"
"O presidente do BNDES, Aloizio Mercadante, confirmou a redução de participações detidas pela BNDESPar, braço de investimentos do banco de fomento, durante o mês de maio"
The sales target elevated share prices. "These are shares at high levels, and the bank saw a profit opportunity with the sales," said a BNDES source to Valor Econômico, under condition of anonymity. The official bank confirmed it "maintains its strategy of divesting mature assets, always seeking to optimize and diversify its portfolio." ✓
Press quotes (2)
"São ações que estão em níveis elevados, e o banco enxergou uma oportunidade de ganho com as vendas"
"o banco afirmou que "mantém sua estratégia de desinvestimento de ativos maduros, sempre buscando otimizar e diversificar seu portfólio""
Proceeds from the sales will "boost BNDES investments in the country's new challenges, such as innovation, critical minerals, digital transition, artificial intelligence, health, agricultural bio-inputs and biofuels," the bank reported. In Petrobras' case, the shares sold have no voting rights — BNDESPar still holds 16.53% of preferred shares (PETR4), and BNDES owns an additional 2.48%, according to April 2026 data from Petrobras itself. ✓
Press quotes (2)
"Os recursos irão impulsionar os investimentos do BNDES em novos desafios do país, como inovação, minerais críticos, transição digital, inteligência artificial, saúde, bioinsumos para agricultura e biocombustíveis"
"Controlling group: 1.035.458.754 shares (19.01%) | BNDESPar: 900.210.496 shares (16.53%) | BNDES: 135.248.258 shares (2.48%)"
The Petrobras sale contrasts with a September 2025 statement when Mercadante said "BNDES did not intend to dispose of its Petrobras stake as it considers the company strategic for the country," during an event at the bank's Rio headquarters. A Petrobras source confirmed the BNDES sale occurred but said the company "remains strategic for the bank." ✓
Press quotes (1)
"Em setembro passado, o presidente do BNDES, Aloizio Mercadante, afirmou a jornalistas em evento na sede do banco no Rio de Janeiro que a instituição de fomento tinha adotado a estratégia de sair de empresas maduras e setores tradicionais para fomentar setores estratégicos. Na ocasião, Mercadante comentou que o BNDES não pretendia se desfazer da participação na Petrobras por considerar a companhia estratégica para o país"
BNDESPar sold approximately R$ 3.78 billion in shares of three companies in May 2026
The sales were motivated by elevated share prices
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (1)
Conflicting versions (1)
Strategic position of Petrobras for BNDES
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What is the specific impact of the sales on BNDES's total stakes in each company?
Why it's still unknown: Sources reported amounts sold but did not specify what percentage of total participation this represents in each company
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Why was there a change in position on selling Petrobras shares between September 2025 and May 2026?
Why it's still unknown: BNDES did not publicly explain the reason for the change in strategy declared by Mercadante in September
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What is the timeline and specific amounts planned for future sales of mature assets?
Why it's still unknown: BNDES confirmed divestment strategy but did not detail next steps or quantitative targets