Brazil's Petrobras May Extend Share Offering to All Investors, Folha Says
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, may extend its planned share offering to all investors, Folha de S. Paulo reported, without saying where it got the information.
Existing shareholders may see their stakes diluted in Petrobras, as the company is known, if the new plan is adopted, the newspaper said.
The banks hired by Petrobras to carry the offering are proposing to let all Brazilian workers tap an employment-linked savings fund known as FGTS to buy the company’s new shares, Folha said. The proposal may have to be voted on by the Brazilian Congress, the newspaper said.
Petrobras declined to comment, citing the so-called quiet period before the offering, spokeswoman Mirian Guaraciada said in a telephone interview today.