Petrobras 'share sale oversubscribed'

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Petrobras 'share sale oversubscribed'

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The world’s largest ever sale of shares is reportedly finding plenty of takers.

Sources have told Reuters that the Brazilian state oil company Petrobras has had no difficulty selling all of the shares in its massive offer – worth up to 59 billion euros – with state pension funds and institutional investors particularly keen.

The money raised will finance the world’s biggest deep water drilling programme off the coast of Brazil.

The South American nation hopes to become a major energy exporter thanks to those vast crude deposits.