Itau Urges Petrobras To Exclude Government From Plan Vote.

BLOOMBERG/
Itau Unibanco Holdings is urging Petrobras to EXCLUDE the government from voting on a plan to sell at least $25 billion of stock to make sure that minority shareholders are treated fairly.
“It would have to be decided in a shareholders meeting, in which the government should not vote,” Walter Mendes, who oversees 19 billion reais ($10.4 billion).
Petrobras is seeking financing to develop fields that include Tupi, the largest oil discovery in the Americas since Mexico’s Cantarell in 1976.

Lula's Oil Plan "Unapprovable", Says Itau Analyst.

BLOOMBERG.
Brasilian President Lula da Silva’s proposal for a new oil law stripping Petrobras investors of $7 billion in a day is “unapprovable,” according to Itau Unibanco.
Paula Kovarsky, a Sao Paulo-based analyst, raised her rating on preferred shares of the state-controlled oil producer and said the company may “strengthen its dominant position” as the plan is held up in Congress.