Brazilian government boosting Petrobras stake to 64 percent


AFP

RIO DE JANEIRO — The Brazilian government will boost its stake in oil giant Petrobras to 64 percent of the common stock following a massive share offering, the firm disclosed Tuesday.

A regulatory filing with the U.S. Securities and Exchange Commission said the Brazilian state and other government entities exercised rights as existing shareholders to buy shares in a huge offering expected to raise as much as US$70 billion.