The Brazilian government expects to receive USD42.5 billion in stock from the state-controlled oil company Petroleo Brasileiro SA, which agreed to pay the amount to secure five billion barrels of deep water oil reserves. Some investors have noted the deal was priced way above the actual worth of the oil, The Wall Street Journal says.

    About the author

    • Ivy Mungcal

      As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.