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Sovereign Wealth Funds Briefing - Categorized | Investment

Pricey Petrobras oil deal removes share sale hurdle

Posted on 03 September 2010

From WSJ: A deal between Brazil’s government and oil company Petroleo Brasileiro, or Petrobras, has removed some doubts that the company can pull off the world’s largest share offer later this month. A presidential decree published Tuesday will allow government-run banks and the treasury’s sovereign-wealth fund to buy more shares if minority shareholders decline to participate in the offer.
Petrobras and the Brazilian government reached a $42.5 billion agreement late Wednesday that gives the oil giant the right to produce five billion barrels of crude oil in government-held areas……………………………………….Full Article: Source

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