Deals
Petrobras Plans to Raise $75 Billion in Biggest Sale
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Petroleo Brasileiro SA, Latin America’s largest company by market value, plans to raise as much as 129 billion reais ($75 billion) in the world’s largest share sale as it seeks cash to develop offshore oil fields. The shares rose 4.4 percent for the biggest gain since May.
Brazil’s state-controlled oil producer will offer as many as 1.59 billion new preferred shares and 2.17 billion new voting shares, according to a regulatory filing today. The company may also sell an additional 564 million preferred or voting shares depending on demand, with the price to be announced Sept. 23. The offer includes about $42.5 billion Petrobras will sell to Brazil in exchange for the right to develop oil reserves.