Demand For Brazil's Petrobras Shares Was $140B -Source |
| Wall Street Journal - Sep 23, 2010 |
Demand for the share offer by Brazilian federal oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, reached $140 billion, a market participant with knowledge of the deal told Dow Jones.
Late Thursday, Petrobras set the terms for the world's largest share offer, setting its sights on turning the Latin American country into one of the world's top oil producers.
The first phase of the share offer will raise about $70 billion for Petrobras, the person said. Brazil's government bought up the lion's share of the offer, purchasing $43 billion, while the market snapped up the remaining $27 billion, the source said.
Options will be available in a second stage which could increase the size of the share offering by 25%.
The federal oil company will sell an undisclosed number of common shares with voting rights at 29.65 Brazilian reals ($17.25) a share, the source said. Petrobras will also sell an undisclosed number of preferred shares at BRL26.30 a share, the source said.
Read Full Article from Wall Street Journal
- Posted: 2010-09-23 20:39:16
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