The $70 billion equity fundraising for Petrobras in September this year was the largest capital-raising in history – three times larger than the previous record. For Petrobras – and the Brazilian nation – it was a historic occasion and showcased Brazil’s global leadership in the wake of the financial crisis. Moreover, the use of proceeds of the issue – to develop Brazil’s huge pre-salt oil discoveries, so-called because they are beneath a moving layer of salt – highlighted the bright future expected of the country.
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“What is crucial, however, is that Brazil’s great discoveries are coming after economic development is well under way” |
“One of the remarkable aspects of the deal was how well it matched Petrobras’ expectations, as outlined in our last business plan covering 2010-14,” explains Theodore Helms, executive manager of investor relations at Petrobras.
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