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Preliminary injuction suspends sale without bidding of shares of Petrobras' subsidiary

Justice Edson Fachin of the Brazilian Federal Supreme Court (STF) granted an injunction in the Appeal (RCL) 33292 to suspend the effects of the Brazilian Superior Court of Justice (STJ), which authorized the continuation of the procedure of sale of shares of Transportadora Associada de Gas (TAG), a subsidiary company of Petrobras. The Justice explained that the STJ's decision contradicts STF's view that the sale of shares of mixed-capital companies or their subsidiaries that implies loss of share control requires prior legislative authorization and bidding.

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