Cleary advises Brazilian oil and gas giant on $75b share sale

Cleary Gottlieb Steen & Hamilton is advising Brazilian oil and gas giant Petrobras on a massive $75 billion share sale, which will finance the development of offshore oil fields. $42.5 billion worth of new stock in the state-owned company was issued to the Brazilian government in exchange for the rights to the estimated 5 billion barrels of oil in large deepwater reserves. The remaining $32 billion will be raised from stock sales to minority shareholders. Cleary has provided a team of US counsel including capital markets partners Nicolas Grabar and Francesca Odell, senior attorney Carla Passos, and associates Dana Stringer and Vivian Lee. Offshore firm Walkers and Brazilian firm Machado, Meyer, Sendacz Opice are also advising Petrobras. Petrobras's general counsel is Nilton Antonio de Almeida Maia. Shearman & Sterling and Brazilian firm Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados are advising a series of underwriters.

Cleary advises Brazilian oil and gas giant on $75b share sale amlawdaily.typepad.com Tue, Sep 7, 2010