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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Bazil's Petrobras expands capitalization to 71.6 bln dollars AFP - Sunday, October 3 Send IM Story Print Bazil's Petrobras expands capitalization to 71.6 bln dollars RIO DE JANEIRO (AFP) - – Brazil's state-run oil giant Petrobras has expanded its offer of new shares by more than three billion dollars, bringing the total to 71.6 billion dollars -- the largest capitalization in history. The company said in a statement late Friday that its board agreed to release 188 million more shares -- 75 million voting shares and 113 million preferred shares -- in the face of strong demand. The extra issue raised 5.2 billion reais (3.1 billion dollars). The total capitalization surpassed the previous biggest share issue on record: that of Japan's Nippon Telephone and Telegraph Corp. in 1987. That NTT issue raised 36.8 billion dollars at the time, equivalent to 68.6 billion dollars in today's money when adjusted for inflation. Petrobras launched its capitalization September 24 in New York and September 27 in Sao Paulo. The inflow of capital makes it the third-biggest oil company by that measure in the world, after Exxon of the United States and China's PetroChina. The Brazilian government purchased nearly two-thirds of the new Petrobras shares, strengthening its hold over Latin America's biggest company. Petrobras intends to use the capital as the core of an ambitious 224-billion-dollar investment plan over the next five years that will give it the means to tap potentially vast offshore oil fields. The company estimates the so-called subsalt fields off Rio de Janeiro's coast could more than triple its existing proven oil reserves of 14 billion barrels. That would catapult Brazil into the top tier of the Organization of the Petroleum Exporting Countries. Brazil is not currently a member of the group. But to get at the black stuff, Petrobras will have to overcome a series of costly technological challenges unprecedented in the oil industry. The company, a world leader in deep water oil exploration, is confident it will be able to do so. Recommend Send IM Story Print News Search Top Stories Mix of sadness, triumph as Brazil's Lula makes his exit China's Wen calls on EU to help it reform financial system Bazil's Petrobras expands capitalization to 71.6 bln dollars Schwarzenegger, California lawmakers in budget deal IMF urges cooperation to prevent 'currency war' More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Brake problem forces BMW, Rolls-Royce recall Dinosaurs taller than thought: study China launches second lunar probe Schwarzenegger, California lawmakers in budget deal IMF urges cooperation to prevent 'currency war' More Most Viewed » US state executes first woman in nearly 100 years 'Time bomb' superbug requires global response: doctor Workers swarm Europe's streets in anti-cuts protests More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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