Petrobras Raises $70 Billion in World’s Largest Sale
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Petroleo Brasileiro SA, the state-controlled oil company, raised 120.4 billion reais ($70 billion) from the Brazilian government and other investors in the world’s largest share sale as it seeks cash to develop offshore fields.
Petrobras, based in Rio de Janeiro, sold 2.4 billion common shares for 29.65 reais each and priced 1.87 billion preferred stock at 26.30 reais apiece, according to a regulatory filing from the company today. That represents a discount of about 2 percent below today’s closing price.