Shearman & Sterling, long-standing underwriters counsel to Brazil's Petrobras, the Brazilian state oil company, is acting as lead counsel to the global coordinators, joint book runners, and co-managers on Petrobras' pending share offering, currently expected to be the largest in history with proceeds potentially in excess of $62 billion. The offering, being made solely pursuant to US and Brazilian regulatory filings, is being undertaken in connection with Petrobras' acquisition from the Brazilian government of up to 5 billion barrels of oil from Brazil's presalt layer and implementation of its over $200 billion capital expenditure plan.

The Shearman & Sterling team is led by partners Stuart Fleischmann (New York-Capital Markets), Petrobras' long standing underwriters' and lenders counsel, and Robert Ellison (São Paulo), assisted by associate Mathias von Bernuth (New York-Capital Markets) and associates Ana Absy (São Paulo) and Fernanda Iacia (São Paulo). Also assisting were partner Russell Sacks and associate Michael Blankenship (both New York-Financial Institutions Advisory & Financial Regulatory), partner Don Lonczak and associate Matthew Tsiaras (both Washington, DC-Tax), and partner Sami Tountounji (Paris-Capital Markets).