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Brazil clears Petrobras, advisors of wrongdoing in 2010 share offer

Published 07/11/2017, 04:23 PM
Updated 07/11/2017, 04:30 PM
© Reuters. The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria
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RIO DE JANEIRO (Reuters) - Brazil's securities industry watchdog on Tuesday cleared Petroleo Brasileiro SA (SA:PETR4), former management and financial advisors of wrongdoing over alleged irregularities relating to the state-controlled oil company's $70 billion share offering in September 2010.

© Reuters. The logo of state-run oil company Petrobras is pictured in the company headquarters in Vitoria

The watchdog known as CVM had been investigating whether Petrobras deceived minority shareholders by presenting misleading information to them in the offer -- the world's largest ever follow-on stock offering.

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