Brazil Oil IPO Withdrawn

Brazil Oil IPO Withdrawn

Brazil Equity

PetroReconcavo, a Brazilian E&P company with onshore wells in the state of Bahia, has put off plans for an IPO, according to the CVM. The issuers’ registration, filed in May, has been withdrawn. It had planned to sell both primary and secondary shares, but had not given details as to the size. US-based E&P operation PetroSantander owns 50% of PetroReconcavo, with another 25% held by Brazilian E&P company Perbras, a founder along with PetroSantander, and 25% by a PE fund owned by Brazil’s Banco O

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