Bloomberg News

HRT Rises on Speculation TNK-BP to Pay $1 Billion for Stake

October 27, 2011

(Updates with closing prices in second paragraph.)

Oct. 27 (Bloomberg) -- HRT Participacoes em Petroleo SA gained to a one-month high on speculation OAO TNK-BP Holding will pay $1 billion for a 45 percent stake in the Brazilian oil and gas company.

HRT rose 5 percent to 840 reais at the close of Sao Paulo trading, the highest since Sept. 27. The benchmark Bovespa index increased 3.7 percent

TNK-BP, BP Plc’s Russian oil venture with a group of billionaires, agreed to buy a stake in HRT from Petra Energia SA, HRT’s original partner in exploration blocks in Brazil’s Amazon, Valor Economico reported, citing unidentified people in the industry. The deal may be announced tomorrow, according to Valor.

“The potential completion of the deal is positive for HRT,” Paula Kovarsky and Diego Mendes, analysts at Itau Corretora de Valores SA, wrote in a note to clients today. Itau rates HRT “market perform” and has a 2012 share-price estimate of 1,970 reais.

HRT Chief Executive Officer Marcio Mello said on Oct. 24 the partnership with TNK-BP will be completed by the end of 2011. The company hasn’t yet concluded the deal, an official at the HRT’s press office said by telephone today when contacted by Bloomberg News.

--Editors: Richard Richtmyer, Brendan Walsh

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus