UPDATE 1-Petrobras to seek regulatory approval for fuel unit IPO

August 7, 2015 5:08 AM

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* Fuel unit IPO would depend on market conditions (Recasts; adds potential valuation throughout, detail)

SAO PAULO Aug 7 (Reuters) - The board of Petróleo Brasileiro SA has approved a plan to seek regulatory permission for an initial public offering of the state-controlled oil producer's fuel distribution unit, weeks after hiring the banks that will handle the deal.

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