2009
August 31: Petrobras announces capitalization intentions
November 18: House of representatives approves creation of PetroSal
November 19: Petrobras announces proposal for the transfer of rights between government and Petrobras planned for 5 billion barrels of oil (equivalent)
December: Petrobras establishes technical team, including corporate finance, tax, treasury, investor relations and legal. This would become five working sub-groups by the end of May.
2010
March 19: Dilma Rousseff resigns as chair of Petrobras
May 24: Global coordinators informed of their role
May 26: Kick-off meeting at Petrobras HQ in Rio de Janeiro
June 2: Petrobras enters quiet period
June 2: Kick-off meeting
June 10: Senate approval
June 22: New business plan approved by Petrobras’s board
June: Agência Nacional de Petróleo tells Petrobras the reports that will be the basis of the price per barrel of the rights transfer will be delayed until August, ending any chance of the capitalization being complete by the end of July
June 30: President Lula signs Bill 5.941/09, which makes transfer of rights and company capitalization law
August 4: Barclays appointed to give fairness opinion
August 13: Committee overseeing fairness for minority shareholders announced
August 20: Joint bookrunners mandated
September 1: Barclays issue ruling on fairness
September 3: Launch
September 10: Conversion deadline for ADR shares into Brazilian shares
September 23: Deal prices
September 30: Exercise greenshoe, quiet period ends
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for more on the Petrobras story: Fuel’s gold How Petrobras struck it rich and extracted $70 billion from the government and the markets. The investor who tried to pull the plug The deal in numbers How the deal unfolded The secret price of oil |
