Brazil Boosts Petrobras Voting Rights

Brazil Boosts Petrobras Voting Rights

Brazil Equity

On the eve of presidential elections, Brazil’s government has increased its total stake in Petrobras to 49.0% from 39.8% percent after completing the world’s largest-ever equity offering last week, Petrobras says. The government boosted holdings of the all-important preferred shares – which dictate voting rights – to 64.3% from 57.5%. Equity analysts say this shifts the balance of power further towards the Brazilian taxpayer and away from minority shareholders. The total includes stock held thro

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