Trichet backs deal on permanent crisis mechanism
29 de novembro de 2010Presidente eleita critica política dos EUA de desvalorização do dólar
6 de dezembro de 2010The Hong Kong stock exchange enjoyed a fleeting new moment of glory Thursday when it appeared that Brazilian oil giant Petroleo Brasileiro SA, or Petrobras, was mulling a listing in the city.
Dow Jones Newswires in Sao Paulo on Thursday quoted the chief executive of the Bovespa exchange saying Petrobras was considering a Hong Kong listing.
“We’ve had conversations with Petrobras along those lines,” Edemir Pinto said. “Asia is where there’s the largest number of individual investors.”
Hours later, a spokeperson for Petrobras dismissed the possibility. “There is no movement within the company in this sense toward a share listing in Hong Kong,” he said.
If it were true, it would have been another Brazilian coup for the Hong Kong exchange, complementing the scheduled listing this month by mining giant Vale SA, which already trades in Sao Paolo, New York and Paris.
A business delegation from Hong Kong is doing a roadshow in South America to promote the city as a listing destination.
Increasing trade ties, mainly in the commodities sector, between China and Brazil might entice more companies to raise capital in Hong Kong, particularly as the size of Bovespa remains small compared with Brazil’s GDP, and appetite from retail investors is thin, making it difficult for some companies to raise capital.
In September, Petrobras completed a record US$67 billion offer of new shares with strong backing from the Brazilian government, which purchased $43 billion worth of shares. But a $224 billion investment plan for the exploration of large offshore oil reserves in Brazil could force it to come back to market for new funds in the future.
