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Sovereign Wealth Funds Briefing - Categorized | Financials, Investment, Market

Brazilian authorities swallow two-thirds of Petrobras oil after big issue

Posted on 04 October 2010

From Fundstrategy.co.uk: After the world’s largest-ever share issue the Brazilian authorities have snapped up nearly two-thirds of the stock issued by Petrobras, the Brazilian oil giant. Together the Brazilian government, the country’s sovereign wealth fund and the National Development Bank, hold a 49% stake and a 64.3% share of voting rights in the company.
But because it is still unclear whether the newly elected government will pursue the successful market-orientated policies of the past, some investors are concerned about the oil giant, particularly as the company has diluted shareholders’ positions by issuing the new stock……………………………………….Full Article: Source

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