UBS expects a maximum of two bidding groups to compete at Brazil's Oct 21 sale of the Libra oil field, one of the world's largest offshore discoveries. Just 11 companies registered for the sale, mostly Asian national oil companies. "Chinese players will likely not bid against each other," UBS adds. Potential bidders limited by "unfriendly" economic, political environment, UBS says. Also driving investors away: capped returns, $7B signing bonus and fact Brazil 's Petrobras (PBR PETR4.BR) obligated to operate field. UBS says returns for Libra, however, will be better than PBR's share price of BRL18.94 reflects.
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