Petrobras Investors Come Out Ahead After Drama Over Dividends in Brazil [Financial Post (Toronto, Ontario, Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — A seven-week tug of war over Petrobras's dividends wound up with the company delivering a 22-billion-reais ($4.3 billion) payout to investors. Brazil's federal government, which controls the company, proposed to pay half of available extraordinary dividends at a Thursday shareholders meeting, backtracking from a previous decision to withhold the payment. Article content Article content Petrobras' common shares gained 2.3% to close at 44.25 reais, the highest since February. The move, which was approved by shareholders, settles a dispute that had roiled markets and intensified a power struggle between Chief Executive Officer Jean Paul Prates and members of the Lula administration. The result is a victory for both Prates and Finance Ministry Fernando Haddad, who encouraged President Luiz Inacio Lula da Silva to accept the dividends as a way to s
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