Saturday, September 23, 2017

Brazil Clears Petrobras, Advisors in 2010 Share Offer

Posted by July 11, 2017

Brazil's securities industry watchdog on Tuesday cleared Petroleo Brasileiro SA , former management and financial advisors of wrongdoing over alleged irregularities relating to the state-controlled oil company's $70 billion share offering in September 2010.
The watchdog known as CVM had been investigating whether Petrobras deceived minority shareholders by presenting misleading information to them in the offer -- the world's largest ever follow-on stock offering.

(Reporting by Marta Noguiera; Writing by Alexandra Alper; Editing by Sandra Maler)

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