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OIL NEWS * Brazil - Petrobras offering raises $67bn
Petrobras, Brazil’s national oil company, announced the biggest share issue in corporate history
São Paulo,SP,Brazil - The Financial Times (UK), by Jonathan Wheatley -September 24 2010: ... Of the proceeds, shares worth about $42.5bn will go to the government, the company’s majority shareholder, in exchange for the rights to 5bn barrels of oil in Brazil’s newly discovered pre-salt oilfields, so called because they are trapped under several kilometres of seawater, rock and a hard-to-penetrate layer of salt... The person said the government would also purchase additional shares, although he declined to say how much... The sale seems certain to result in the government owning a bigger share of Petrobras than it did before the issue... Guido Mantega, finance minister, said on Friday morning the government stake in Petrobras would increase from about 40 per cent to about 48 per cent after the offer... The person would not say how many additional shares were being sold. But the share prices announced would make the initial offer worth $61.75bn, which implies Petrobras is selling additional shares equal to about $5.25bn, or 18.5 per cent of the initial offer... Trading of the new shares is due to begin on Friday on the New York Stock Exchange and on Monday on the BM&FBovespa in São Paulo... (Photo: Brasilia, on 10 Mar 2010 confirmed: Petrobras discovered oil on seas off shore Sao Paulo and Saint Spirit's)Labels: oil news latin america
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