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Oil giant Petrobras is at its lowest price since March 2009 because investors believe there is little appetite for its shares after the recent mammoth $71 billion usd offering.
"The supposedly strong level of demand for the world-record offer was in part an illusion,” said Brasilian analyst Oliver Leyland. “You had the government as the major participant.”
In that sale, the government also boosted its stake to 48 percent from 40 percent.
Petrobras may have to sell more equity as soon as 2013 should crude prices slump to pay for expensive deep-water development.
