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Brasil's government will likely boost its stake in state-run Petrobras since minority shareholders are unlikely to fully subscribe to the company's planned share offer.
The share offer is part of a complicated government plan to give Petrobras with the capital needed to develop recently discovered ultra-deepwater oil reserves. Minority shareholders "have the right to subscribe to up to 60% of the capital increase. They will have a term of 30 days to decide, but probably will not completely exercise their rights because it's a lot of money," Finance Minister Guido Mantega said during congressional testimony.
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