Magazine

Bid & Ask


Noteworthy expenditures of the week

1. Petroleo Brasileiro (PBR), Brazil's state-controlled oil producer, plans to raise as much as $75 billion in the world's largest share sale to date. The offering includes $42.5 billion in shares for the state in exchange for the right to develop oil reserves.

2. Enterprise Products (EPD), the largest U.S. pipeline operator, will buy Enterprise GP (EPE) for more than $8 billion as part of a corporate reorganization of the interests of the late Dan Duncan. Said to be Houston's richest man, Duncan died in March at 77.

3. Vodafone (VOD) is selling its entire $6.5 billion holding in China Mobile (CHL). Vodafone says the stake, amounting to 3.2 percent of China Mobile, is not an essential asset.

4. Russia has agreed to increase coal shipments to China in return for a $6 billion loan. The loan will help Russia finance new coal production to feed China's growing demand.

5. The National Bank of Greece plans to raise $3.6 billion to bolster capital. The bank's stock has declined 42 percent this year. Greek banks face soaring loan losses as the government imposes austerity measures following the country's €110 billion bailout in May.

6. Goldcorp (GG), Canada's second-biggest gold producer, agreed to buy Andean Resources for $3.5 billion to gain control of an Argentine mine that may produce 285,000 ounces of gold a year starting in 2012. Andean says it will consider new bids.

7. Minnesota plans to sell $900 million in long-term bonds on Sept. 8. The offering is the state's largest ever, as borrowing costs remain at near-record lows and the state's budget deficit approaches $6 billion. (MCO)

8. Kansas-based Mariner purchased a $760 million portfolio of real estate loans at a Federal Deposit Insurance Corp. sale of assets seized from failed banks. The portfolio includes roughly 1,100 residential and commercial loans.

9. In his largest charitable gift ever, billionaire fund manager George Soros will donate $100 million to Human Rights Watch over the next 10 years via his Open Society Foundations.

10. Costa Rica plans to spend up to $50 million a month in the foreign-exchange market in what analysts say is a bid to weaken its currency, the colón, which has climbed to a two-year high.

Boudway is a reporter for Bloomberg News. Winter is a reporter for Bloomberg News.

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