Brazil’s Petros Takes 10% of Totvs

Petros, the employee pension fund for Brazil’s oil company Petrobras, has purchased a 10% stake in Brazilian software company, Totvs, a leading software supplier in Latin America. Petros says it now owns slightly more than 16 million shares of the software provider, but noted it has no intention of using its ownership to change the company’s management. Totvs declined to comment, while Petros did not answer several requests for comment. In recent months Petros has been involved in several acquisitions. In December, it raised its stake in Brazilian bus maker Marcopolo to 15%. Then earlier this month Petros joined development bank BNDES in a BRL300m ($162.6m) investment in Brazil’s struggling oil services company, Lupatech.