Wednesday, 25 August 2010
Brazilian government to raise stake in Petrobras
According to an oil and gas analyst at SLW Corretora, Erick Scott Hood, the Brazilian government will raise its stake in the national energy giant, Petrobras, to as much as 50 per cent once the company completes its capitalisation process set to commence in September.
"The higher the price of the oil barrel to be used in the calculation for the oil-for-shares swap, the bigger will be the government participation. If they use a price of US$6/b or above, minority shareholders will face a hard time and will end up being diluted," said Hood.
Reports on the pre-salt oil areas to be used for the oil-for-shares swap between the Brazilian government and Petrobras have already been delivered. The final results are expected to be released by the end of the month.
"The government is planning to buy all shares minority shareholders leave available. The government will probably get to a 46 per cent stake from the 32 per cent it currently holds," added Hood.
Source: Business News Americas
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