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Brazil's Petro Rio approves $250 mln follow-on offering

RIO DE JANEIRO, Dec 15 (Reuters) - The board of Petro Rio SA has approved a follow-on offering of approximately $250 million, the Rio de Janeiro-based oil company said in a Tuesday securities filing.

Petro Rio has made a number of significant acquisitions over the last two years, and is now Brazil’s largest oil company after state-run Petroleo Brasileiro SA.

Reporting by Gram Slattery Editing by Chris Reese

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