White & Case Advises on Caixa Econômica Federal’s US$1.9 Billion Secondary Global Offering of Petrobras Shares

Global law firm White & Case LLP has advised Caixa Econômica Federal, UBS Securities LLC, Morgan Stanley & Co. LLC and BofA Securities, Inc., as global coordinators and joint bookrunners, and XP Securities, LLC, as joint bookrunner, in Caixa Econômica Federal’s secondary global offering of its 3.24 percent stake in Petróleo Brasileiro S.A. (Petrobras). 

The offering raised approximately US$1.9 billion in net proceeds for the selling shareholder and was the biggest equity offering in Brazil since 2013. 

The global offering consisted of an SEC-registered international offering of Petrobras common shares, offered directly or represented by American Depositary Shares (each of which represents two common shares), in the United States and elsewhere outside of Brazil, and a concurrent public offering of Petrobras common shares in Brazil. 

Petrobras is one of the world’s largest integrated oil & gas companies, engaging in a broad range of oil & gas activities, and is controlled by the Brazilian federal government. 

Caixa Econômica Federal is a financial institution owned by the Brazilian federal government.  

The White & Case team was led by partners Don Baker, John Guzman (São Paulo) and John Vetterli (New York), and included partner Ray Simon (New York), counsel Karen Katri (Miami) and associates Cameron Royse (São Paulo) and Kyle Ezzedine (New York).

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