Monday, March 15, 2010

PBR Could Raise $40B to $60B in Share Offering

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)

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