Starboard Partners sold an ~11% stake in Brazilian oil & gas company 3R Petroleum through a block trade. Starboard retains an 11.25% stake in the company.

(Nasdaq) SAO PAULO, Feb 1 (Reuters) – Brazilian private equity firm Starboard Partners sold 22.8 million shares in oil company 3R Petroleum Oleo e Gas SA RRRP3.SA in a block trade on Tuesday, according to a securities filing from the oil company.

Starboard’s stake in 3R Petroleum nearly halved with the trade, from 21% to 11.25%. Earlier, local newspaper Valor Economico reported the transaction, citing unnamed sources.

3R shares fell 2.5% in the Bovespa equities exchange .BVSP on Tuesday.

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