Billionaire George Soros Cuts Stake In Petrobras.

BLOOMBERG.

Billionaire George Soros' hedge-fund,Soros Fund Management LLC, sold 22 million U.S.-listed common shares of Petrobras(ADRs) while buying 5.8 million of the company’s U.S.-traded preferred shares.

"Soros is taking advantage of the spread between the two types of U.S.-listed Petrobras shares, said Luis Maizel, president of LM Capital Group LLC, which manages about $4 billion. The common shares were 21 percent MORE expensive than preferred today, according to data compiled by Bloomberg.

“He knows he held a voting right in the common shares that would never translate to actual power,” Maizel said in an interview from San Francisco. “He’s just playing the spread.”