Clifford Chance in New York and São Paulo advised BNDES, The Brazilian Development Bank, on its sale of approximately 724 million common shares in the state-owned oil company Petrobras. Pinheiro Guimarães and Shearman & Sterling advised the underwriters. Lefosse and Cleary Gottlieb Steen & Hamilton advised Petróleo Brasileiro S.A.
The offering comprised both common shares in Brazil and abroad and ADRs, and is valued at approximately US$5.2 billion. Shares were listed on stock exchanges in both São Paulo and New York. Closing occurred on February 10.
This was the largest follow-on equity offering in 2020 to date globally, and the largest-ever secondary offering of shares in Brazil. The divestment by BNDES is part of its, and the Brazilian federal government’s larger strategy to reduce its stock portfolio.
Banco de Investimentos Credit Suisse (Brasil) S.A., Bank of America Merrill Lynch Banco Múltiplo S.A., Banco Bradesco BBI S.A., BB-Banco de Investimento S.A., Citigroup Global Markets Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários S.A., Goldman Sachs do Brasil Banco Múltiplo S.A., Banco Morgan Stanley S.A. and XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. acted as underwriters for the offering.
Since 1952, BNDES remains the main financing agent for development in Brazil and finances the expansion of national companies far beyond the borders of the country and seeks to diversify the sources of its resources on the international market.
Along with Patrick Jackson, who played a leading role in the matter, the Clifford Chance team was led by partner Anand Saha (Picture) in New York. Associate Teo Pastor and staff attorney Mariana Urban in São Paulo and foreign law clerk Giancarlo Reanda in New York assisted on this matter.
Pinheiro Guimaraes team inlcuded Francisco José Pinheiro Guimarães (partner), Cristina Tomiyama (partner), Camila Ohno (associate), and Arnold Kim (associate).
Shearman & Sterling advised the underwriters with Stuart K. Fleischmann, María Marulanda Larsen, Roberta Berliner Cherman and Thomas Lemouche.
Lefosse Advogados advised Petrobras with Luiz Octavio Lopes, Rodrigo Junqueira, Felipe Gibson, Jana Araújo, Douglas Ogata, Leonardo Gaspar and Carolina Garrote.
Cleary Gottlieb Steen & Hamilton advised Petrobras with a team including Francesca Odell, Manuel Silva, Jonathan Gifford, Stephanie Charles, Hannah Littman, Eric Gruebel, Alessandra Azevedo, Sofia Falzoni, Andrea R. Lavourinha and Chrishan Raja.
Involved fees earner: Alessandra Azevedo – Cleary Gottlieb Steen & Hamilton; Stephanie Charles – Cleary Gottlieb Steen & Hamilton; Jonathan Gifford – Cleary Gottlieb Steen & Hamilton; Eric Gruebel – Cleary Gottlieb Steen & Hamilton; Andrea Lavourinha – Cleary Gottlieb Steen & Hamilton; Hannah Littman – Cleary Gottlieb Steen & Hamilton; Francesca Odell – Cleary Gottlieb Steen & Hamilton; Chrishan Raja – Cleary Gottlieb Steen & Hamilton; Manuel Silva – Cleary Gottlieb Steen & Hamilton; Patrick Jackson – Clifford Chance; Teo Pastor – Clifford Chance; Anand Saha – Clifford Chance; Jana Araujo – Lefosse; Rodrigo Junqueira – Lefosse; Luiz Octavio Lopes – Lefosse; Carolina Garrote – Lefosse; Leonardo Gaspar – Lefosse; Felipe Gibson – Lefosse; Douglas Ogata – Lefosse; Arnold Kim – Pinheiro Guimarães; Camila Ohno – Pinheiro Guimarães; Francisco José Pinheiro Guimarães – Pinheiro Guimarães; Cristina Tomiyama – Pinheiro Guimarães; Roberta Berliner Cherman – Shearman & Sterling; Stuart Fleischmann – Shearman & Sterling; Thomas Lemouche – Shearman & Sterling; Maria Marulanda Larsen – Shearman & Sterling;
Clients: Banco Bradesco BBI S.A.; Banco Morgan Stanley S.A.; Bank of America Merrill Lynch Banco Múltiplo S.A.; BB Banco de Investimentos S.A; BNDES; Citigroup Global Markets Brasil, Corretora de Câmbio, Títulos e Valores Mobiliários S.A.; Credit Suisse Brasil S.A.; Goldman Sachs do Brasil Banco Múltiplo S.A.; Petrobras; XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A.;