25.08.10 Brazil Focus
Brazilian government to raise stake in Petrobras
According to an oil and gas analyst at SLW Corretora, Erick Scott Hood, the Brazilian government will raise its stake in the national energy giant, Petrobras, to as much as 50 per cent once the company completes its capitalisation
process set to commence in September.
"The higher the price of the oil barrel to be used in the calculation for
the oil-for-shares swap, the bigger will be the government participation. If
they
use a price of US$6/b or above, minority shareholders will face a hard time and
will end up being diluted," said Hood.
Reports on the pre salt oil areas to be used for the oil-for-shares swap between
the Brazilian government and Petrobras have already been delivered. The final results are expected to be released by
the end of the month.
"The government is planning to buy all shares minority shareholders leave
available. The government will probably get to a 46 per cent stake from the 32
per cent it currently holds," added Hood.
Source: Business News Americas
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