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Capital Markets

Timeline for Petrobras's $70 billion equity deal: How the deal unfolded

2009

August 31:
Petrobras announces capitalization intentions

November 18: House of representatives approves creation of PetroSal
November 19: Petrobras announces proposal for the transfer of rights between government and Petrobras planned for 5 billion barrels of oil (equivalent)

December: Petrobras establishes technical team, including corporate finance, tax, treasury, investor relations and legal. This would become five working sub-groups by the end of May.

2010

March 19: Dilma Rousseff resigns as chair of Petrobras

May 24: Global coordinators informed of their role

May 26: Kick-off meeting at Petrobras HQ in Rio de Janeiro

June 2: Petrobras enters quiet period

June 2: Kick-off meeting

June 10: Senate approval

June 22: New business plan approved by Petrobras’s board

June: Agência Nacional de Petróleo tells Petrobras the reports that will be the basis of the price per barrel of the rights transfer will be delayed until August, ending any chance of the capitalization being complete by the end of July

June 30: President Lula signs Bill 5.941/09, which makes transfer of rights and company capitalization law

August 4: Barclays appointed to give fairness opinion

August 13: Committee overseeing fairness for minority shareholders announced

August 20: Joint bookrunners mandated

September 1: Barclays issue ruling on fairness

September 3: Launch

September 10: Conversion deadline for ADR shares into Brazilian shares

September 23: Deal prices
September 30: Exercise greenshoe, quiet period ends


for more on the Petrobras story:

Fuel’s gold
How Petrobras struck it rich and extracted $70 billion from the government and the markets.

The investor who tried to pull the plug
The deal in numbers
How the deal unfolded
The secret price of oil
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