Brazil's securities industry watchdog on Tuesday cleared Petroleo Brasileiro SA (PETR4.SA), former management and financial advisors of wrongdoing over alleged irregularities relating to the state-controlled oil company's $70 billion share offering in September 2010.
The watchdog known as CVM had been investigating whether Petrobras deceived minority shareholders by presenting misleading information to them in the offer -- the world's largest ever follow-on stock offering.