HRT Taps Petrobras Equity Gap

HRT Taps Petrobras Equity Gap

Brazil Equity M&A

Brazilian E&P company HRT Participacoes has raised BRL2.62bn in an IPO. It takes advantage of demand from Brazilian oil investors looking to diversify away from Petrobras, whose stock has dipped since its $70bn September capital raise. “This sector is at a very important moment, but the question of Petrobras has been very negative” says a Rio-based portfolio manager looking at the deal. “There should be some sizeable flows moving into other names in the sector.” HRT priced 2.18m units at BRL1,20

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