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| Petrobras' headquarters in Rio de Janeiro |
Showing posts with label Petrobras. Show all posts
Showing posts with label Petrobras. Show all posts
Friday, November 20, 2015
Brasília studies bailing out Petrobras
Monday, March 15, 2010
Petrobras Will Raise Up to $60 Billion in Share Issue
Petrobras Will Raise Up to $60 Billion in Share Issue
March 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-run oil company, will issue as much as $60 billion of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao said.
“Petrobras has no funding problems,” Lobao told reporters today in Sao Paulo. He said the company will issue between $40 billion and $60 billion of new stock. “The share sale will help us to diversify our funding sources.”
March 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-run oil company, will issue as much as $60 billion of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao said.
“Petrobras has no funding problems,” Lobao told reporters today in Sao Paulo. He said the company will issue between $40 billion and $60 billion of new stock. “The share sale will help us to diversify our funding sources.”
Wednesday, March 3, 2010
Petrobras May Issue $40 Billion of Shares, BNDES Says
Petrobras May Issue $40 Billion of Shares, BNDES Says
March 3 (Bloomberg) -- Petroleo Brasileiro SA’s biggest minority shareholder said the state-controlled company may issue up to $40 billion in shares, less than some analysts forecast, as part of a plan to swap stock for oil off Brazil’s coast.
The capitalization “could be $35 billion to $40 billion,” said Luciano Coutinho, president of the BNDES, Brazil’s state development bank and a Petrobras shareholder. “It will be the largest public offering ever in global markets,” Coutinho said today in a Bloomberg television interview.
Credit Suisse, in a Feb. 10 note to clients, forecast the share sale to reach as much as $50 billion, with about $30 billion of stock going to the government in exchange for 5 billion barrels of offshore oil and the rest offered to minority shareholders. JPMorgan Chase & Co. analysts in a note yesterday forecast the capital increase at $40 billion.
March 3 (Bloomberg) -- Petroleo Brasileiro SA’s biggest minority shareholder said the state-controlled company may issue up to $40 billion in shares, less than some analysts forecast, as part of a plan to swap stock for oil off Brazil’s coast.
The capitalization “could be $35 billion to $40 billion,” said Luciano Coutinho, president of the BNDES, Brazil’s state development bank and a Petrobras shareholder. “It will be the largest public offering ever in global markets,” Coutinho said today in a Bloomberg television interview.
Credit Suisse, in a Feb. 10 note to clients, forecast the share sale to reach as much as $50 billion, with about $30 billion of stock going to the government in exchange for 5 billion barrels of offshore oil and the rest offered to minority shareholders. JPMorgan Chase & Co. analysts in a note yesterday forecast the capital increase at $40 billion.
Friday, January 22, 2010
Brazil's Braskem Set To Become Global Petrochemicals Player - WSJ.com
Brazil's Braskem Set To Become Global Petrochemicals Player
RIO DE JANEIRO (Dow Jones)--Brazilian petrochemicals giant Braskem SA (BAK, BRKM5.BR) will gain much-needed muscle to compete on the global stage with a deal for rival Quattor Petroquimica SA (SZPQ4.BR).
Earlier Friday, Quattor holding company Unipar (UNIP5.BR) said that it had agreed to sell its stake in the company to Braskem for 870 million Brazilian reals ($478 million).
The widely anticipated deal, which first appeared on the radar last August, will create the world's sixth-largest producer of plastic resins. Braskem, already Latin America's largest petrochemicals company, will now have the scale to compete with global players such as Dow Chemical Co. (DOW) and BASF SE (BASFY, BAS.XE).
The fusion will allow closely held industrial conglomerate Odebrecht and state-run energy giant Petreleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, to form the so-called 'Nova Braskem,' or new Braskem. The combined Braskem-Quattor will have revenue of about BRL30 billion.
Odebrecht will control the new company with a 53.8% stake, while Petrobras will retain the remaining 46.2%. Odebrecht and Petrobras will share strategic decisions at Braskem.
The share breakdown could face questions from antitrust regulators.
The deal effectively nationalizes Brazil's petrochemicals industry in the hands of Petrobras. The combined Braskem-Quattor would produce 100% of Brazil's polyethylene, polypropylene and PVC--resins used to produce everything from kitchen utensils to auto parts.
Braskem said it will raise between BRL4.5 billion and BRL5 billion in new capital through a share offer. A holding company formed by Odebrecht and Petrobras, called BRK, will subscribe to BRL3.5 billion of the share offer.
The deal should end a contentious legal fight brought by one of the members of the Geyer family, which controlled Unipar, seeking to thwart the merger.
The deal had been under way since mid-2009, when Braskem, Petrobras and Quattor acknowledged talks on a 'strategic alliance.' India's Reliance Industries Ltd. (500325.BY) was also rumored to be in talks with Quattor about a possible acquisition.
Brazil's petrochemicals industry was privatized in the mid-1990s as stakes in 27 companies were sold, raising $3.7 billion for the government. But intense competition in the sector resulted in consolidation starting in 2001.
The two largest players, Braskem and Quattor, solidified their positions in 2008.
Quattor was formed when Petrobras bought Suzano Petroquimica and consolidated those assets with those held by Unipar to form Brazil's second-largest petrochemicals company behind Braskem.
Petrobras also teamed with Braskem to purchase the petrochemicals assets of Ipiranga. Petrobras then rolled some of its petrochemical assets into Braskem in exchange for a 40% stake in the company.
Petrobras shares were fractionally higher at BRL34.34 in early trading on the Sao Paulo Stock Exchange. Braskem shares jumped 2.9% to BRL14.34, while Unipar shares were halted at BRL2.94. The broader market as measured by the Ibovespa stocks index was 0.4% lower at 66,005 points.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com
RIO DE JANEIRO (Dow Jones)--Brazilian petrochemicals giant Braskem SA (BAK, BRKM5.BR) will gain much-needed muscle to compete on the global stage with a deal for rival Quattor Petroquimica SA (SZPQ4.BR).
Earlier Friday, Quattor holding company Unipar (UNIP5.BR) said that it had agreed to sell its stake in the company to Braskem for 870 million Brazilian reals ($478 million).
The widely anticipated deal, which first appeared on the radar last August, will create the world's sixth-largest producer of plastic resins. Braskem, already Latin America's largest petrochemicals company, will now have the scale to compete with global players such as Dow Chemical Co. (DOW) and BASF SE (BASFY, BAS.XE).
The fusion will allow closely held industrial conglomerate Odebrecht and state-run energy giant Petreleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, to form the so-called 'Nova Braskem,' or new Braskem. The combined Braskem-Quattor will have revenue of about BRL30 billion.
Odebrecht will control the new company with a 53.8% stake, while Petrobras will retain the remaining 46.2%. Odebrecht and Petrobras will share strategic decisions at Braskem.
The share breakdown could face questions from antitrust regulators.
The deal effectively nationalizes Brazil's petrochemicals industry in the hands of Petrobras. The combined Braskem-Quattor would produce 100% of Brazil's polyethylene, polypropylene and PVC--resins used to produce everything from kitchen utensils to auto parts.
Braskem said it will raise between BRL4.5 billion and BRL5 billion in new capital through a share offer. A holding company formed by Odebrecht and Petrobras, called BRK, will subscribe to BRL3.5 billion of the share offer.
The deal should end a contentious legal fight brought by one of the members of the Geyer family, which controlled Unipar, seeking to thwart the merger.
The deal had been under way since mid-2009, when Braskem, Petrobras and Quattor acknowledged talks on a 'strategic alliance.' India's Reliance Industries Ltd. (500325.BY) was also rumored to be in talks with Quattor about a possible acquisition.
Brazil's petrochemicals industry was privatized in the mid-1990s as stakes in 27 companies were sold, raising $3.7 billion for the government. But intense competition in the sector resulted in consolidation starting in 2001.
The two largest players, Braskem and Quattor, solidified their positions in 2008.
Quattor was formed when Petrobras bought Suzano Petroquimica and consolidated those assets with those held by Unipar to form Brazil's second-largest petrochemicals company behind Braskem.
Petrobras also teamed with Braskem to purchase the petrochemicals assets of Ipiranga. Petrobras then rolled some of its petrochemical assets into Braskem in exchange for a 40% stake in the company.
Petrobras shares were fractionally higher at BRL34.34 in early trading on the Sao Paulo Stock Exchange. Braskem shares jumped 2.9% to BRL14.34, while Unipar shares were halted at BRL2.94. The broader market as measured by the Ibovespa stocks index was 0.4% lower at 66,005 points.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085; Jeff.Fick@dowjones.com
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