Yesterday we posted an item about Brazil being the biggest off-shore oil country in the globe. Today, Brazilian Mines and Energy Minister Edison Lobao said that Petrobras, PBR, could raise between $40 billion and $60 billion in a share offer.
Mr. Lobao was speaking on the sidelines of a conference in Sao Paulo and said that "an oil-for-shares swap proposed by the government would help fill Petrobras's coffers and fund the company's investment plans".
Petrobras needs the cash to fund development of the huge pre-salt fields off the coast of Sao Paulo and Rio de Janeiro states.
Such a big offering is likely to affect the stock price. PBR chart:
Here are the current alerts from INO's tool:
(please click to enlarge)