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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (21271)	8/8/2000 1:13:15 PM
From: Art Baeckel	Read Replies (2) \| Respond to of 22640

Brazil Petrobras to launch ADRs Thurs, a day late Reuters Company News - August 08, 2000 12:00 Copyright 2000 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Jump to first matched term RIO DE JANEIRO, Aug 8 (Reuters) - Brazil's state oil giant Petrobras will list level III American Depositary Receipts (ADRs) on Thursday instead of Wednesday as planned, a company source told Reuters on Tuesday. The delay is likely a result of a delay in the closing of a huge global offer of 8 billion reais ($4.4 billion) in shares, the source said. Petrobras stopped receiving offers on Monday and was due to announce the price on Tuesday once the offers were compiled. Bank and company sources now say the price is not expected to be announced until Wednesday. Petrobras hoped to sell 28.5 percent of voting stock of Petrobras - equivalent to 16.6 percent of total capital - to individual and institutional investors in Brazil and the United States. The government will maintain at least 32.4 percent of total capital, or 55.6 percent of voting shares. As part of the offer, Petrobras will launch level III ADRs on the New York Stock Exchange and will boost its current level I ADRs to level II ADRs.