Clifford Chance acts for BNDES on $5.2bn Petrobras share sale
Clifford Chance has advised Brazilian development bank BNDES on its sale of approximately 724 million common shares in state-owned oil company Petrobras, the largest-ever secondary offering of shares in Brazil, valued at approximately $5.2 billion.
The law firm’s team was led by Anand Saha (pictured), Patrick Jackson, Teo Pastor and Mariana Urban, in New York and São Paulo.
The shares were listed on stock exchanges in both São Paulo and New York, with closing occurring on 10 February.
This was the largest follow-on equity offering in 2020 to date globally, and the largest-ever secondary offering of shares in Brazil. The divestment by BNDES is part of its, and the Brazilian federal government’s larger strategy to reduce its stock portfolio.
Since 1952, BNDES remains the main financing agent for development in Brazil and finances the expansion of national companies far beyond the borders of the country and seeks to diversify the sources of its resources on the international market.
