Brazil's government, the country's sovereign wealth fund and National Development Bank, or BNDES, together now hold a 49% stake in oil company Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, and a 64.3% share of voting shares, the company said late Wednesday.
Brazil's government, the country's sovereign wealth fund and National
Development Bank, or BNDES, together now hold a 49% stake in oil company
Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, and a 64.3% share of
voting shares, the company said late Wednesday.
The government purchased nearly two-thirds of Petrobras' massive stock offering
last week, which raised $67.8 billion for the company, according to the
company's final tally. The settlement date for the offer was Wednesday.
Earlier this week, Petrobras had released a preliminary breakdown on the
government's stake in the company. Minority shareholders had feared that the
government would use the share offer as means to tighten its grip on the
company and further control recently discovered offshore oil fields. Before the
share offer,
Brazil
's
government and the BNDES combined to hold a 39.8% stake in
Petrobras--controling 57.5% of the company's voting shares.
While the government purchased the lion's portion of the 4.08 billion voting
and preferred shares for sale, foreign investors snapped up 470 million shares,
or about 11.5% of the offer, Petrobras said.
Private investors will hold a 35.8% share of voting shares and 51% of total
outstanding capital, according to the filing. That percentage, however, also
includes shares held by local pension funds that typically follow the
government's lead.
The share sale was a key step in Petrobras' plans to develop offshore oil
fields estimated to be the largest discovered in the past 30 years. Petrobras
will invest $224 billion over the next five years to double oil output to 3.9
million barrels a day by 2014, making
Brazil
the
world's fifth-largest oil producer and likely placing it in the top 10 among
exporters.
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