Cleary Gottlieb Steen & Hamilton is advising Brazilian oil and gas giant Petrobras on its plan to raise nearly $75bn (£49bn) in the world's largest-ever share sale, reports The Am Law Daily.

The US firm is acting as issuer's counsel on the sale, which will finance investments in developing offshore oil fields.

Cleary capital markets partners Nicolas Grabar and Francesca Odell are leading the firm's team acting for Petrobras on the share sale. Cleary has a longstanding relationship with Petrobras, the world's fifth-largest oil producer, having in the past advised the Rio de Janeiro-based company on regulatory and corporate matters.