Exclusive: Petrobras hires JPMorgan for $3 billion in asset sales - sources

http://ift.tt/eA8V8J SAO PAULO/NEW YORK (Reuters) - Petróleo Brasileiro SA (PETR4.SA) has hired JPMorgan Chase & Co to handle $3 billion in planned asset sales this year, as fallout from a corruption scandal has shut access to financing for Brazil's state-controlled oil producer, two sources with direct knowledge of the situation said on Wednesday. JPMorgan (JPM.N) will be tasked with luring the largest number of bidders possible for the assets and then structuring their sale, said a first source, who asked for anonymity since the process is private. Both Petrobras, as the company is commonly known, and JPMorgan declined to comment. Asset sales have become imperative for Petrobras now that Moody's Investors Service has stripped the company of its investment-grade rating and has warned that further cuts are possible.



from Yahoo! Finance: Top Stories http://ift.tt/1JOXmGG

via IFTTT