Brazil's state-controlled oil multinational Petrobras has overcome Microsoft to become the third largest company by market value in the Americas, according to a report by Economática, a consultancy company, which has just listed the region's 50 most valuable concerns.
As of Friday, May 16, Petrobras stocks were estimated at US$ 287.17 billion while Microsoft shares were valued at US$ 279.3 billion. Exxon Mobil comes first in the ranking with a US$ 489.64 billion value followed by General Electric worth US$ 320.25 billion.
Another Brazilian firm, the mining company Vale, also got a place among the ten biggest coming in 9th place and estimated to be worth US$ 196.49 billion. Another Brazilian firm in the 50-biggest list is Banco Bradesco, which appears in 43th place with a value of US$ 67.2 billion.
On Friday, Petrobras' preferential share was being sold at 48.15 Brazilian reais, (US$ 29.21) while the ordinary one was worth 57.90 reais (US$ 35.13), compared to Microsoft's US$ 29.99 per share.
In the last 12 months, Petrobras shares went up 110%, while the Microsoft stocks suffered a 3.5% devaluation. Petrobras's increased value followed the announcement of a series of oil field discoveries.
On November 7, right before Petrobras announced that its Tupi oil field had reserves estimated in 5 to 8 billion barrels, the oil company's shares were selling for 34.90 reais (US$ 21.17). They have gone up 38% since then. Petrobras stocks grew 68% in the last 12 months.
The only Latin American company to appear in the Economática list besides the Brazilian ones is Mexican firm America Móvil, which shows up in 29th position with a US$ 99 billion value.
According to data compiled by Bloomberg, Petrobras passed Microsoft Corp. and Industrial & Commercial Bank of China Ltd. becoming the world's sixth-largest company by market value.
Americas' 10 most valued companies:
1st – Exxon Mobil – US$ 489.640 billion
2nd – General Electric – US$ 320.253 billion
3rd – Petrobras, US$ 287.171 billion
4th – Microsoft – US$ 279.306 billion
5th – AT&T Telecommunications – US$ 238.056 billion
6th – Wal Mart Stores – US$ 225.562 billion
7th – Chevron Texaco – US$ 207.625 billion
8th – Procter & Gamble – US$ 203.787 billion
9th – Vale – US$ 196.495 billion
10th – Berkshire Hathaway – US$ 189.580 billion
