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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