Petrobras’ equity capital is divided into 8,774,076,740 shares (57.8% common shares with voting rights and 42.2% preferred shares). The Federal Government has a controlling stake, with 55.6% of the voting shares.
In 2009, there was no significant change in ownership breakdown, but some changes are expected for 2010 due to the new regulatory framework for oil and natural gas exploration and production in the pre-salt area. One of the proposed laws introduced by the Brazilian government defines the capitalization of the company, with the expansion of equity to raise funds by making shareholder resources available and by boosting the ability to secure new funding.
With the planned capital increase, minority shareholders may maintain the proportion of the interest they already hold in the company by buying new shares. If they do not exercise this right, the government and other shareholders can buy the shares that have not been purchased. This allows the Federal Government to increase its stake in Petrobras. Another proposed law foresees the possibility for equity capital shares to be underwritten and paid in by the Federal Government with federal public debt securities.