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Petrobras has raised its planned share sale to as much as 134 billion reais ($78 billion) to finance development of offshore oil fields.
It plans to sell 1.59 billion new preferred shares and 2.17 billion new voting shares in its main offer but today DOUBLED the amount of stock that can be issued in an additional allotment to as much as 20% of the main sale. That’s on top of an already announced supplementary over-allotment of as much as 5 percent.
Investor reaction over the offering price is mixed but tending negative. “We don’t see overwhelming demand among our clients, some of them offered to buy less than what they had a right to, and those who own no shares have no interest at all,” said one analyst.
