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Brazil's Petrobras Hires Banks To Run Share Offering

Wall Street Journal - Jun 4, 2010

Brazil's state-run energy company, Petroleo Brasileiro SA (PBR), or Petrobras, hired Bank Of America Merrill Lynch, Bradesco BBI, Citigroup Inc. (C), Itau BBA, Morgan Stanley (MS) and Banco Santander (STD) to coordinate its offering of shares, the company said late Thursday in a statement.

The company didn't set a date for the offering or the volume of shares to be sold. The operation still must be approved by the Brazilian Securities and Exchange Commission, or CVM.

"Due to its announced intention of undertaking a public offer the company is in a quiet period and unable to provide clarifications or to discuss any information related to the proposed public offer with the market and other stakeholders until the announcement regarding the closing of the offer has been published," Petrobras said.

At the end of May, the company's chief financial officer, Almir Barbassa, said the company was expecting to hold the share offering by late July or early August.

Read Full Article from Wall Street Journal

- Posted: 2010-06-04 10:17:39

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