Petrobras Names Six Banks To Manage $25B Offering

Petrobras PBR, Brazil's state-run oil giant, has named six banks to manage its proposed $25 billion share sale, a bullish sign that slumping global stock markets won't stop the company's efforts to raise cash for its exploration budget. Petrobras has hired Bank of America BAC, Citigroup C, Banco Santander STD, Itaú Unibanco ITUB, Banco Bradesco BBD and Morgan Stanley MS. The $25 billion share sale is aimed at minority shareholders. Petrobras will use the proceeds to fund part of its exploration budget which calls for the company to spend up to $220 billion through 2014. The company had initially planned to sell shares in the first half and pushed back the timeline as it waits for Congress to approve a bill allowing the government to sell Petrobras’s deepwater reserves in exchange for new stock, according to Bloomberg News.