Back

LatinNews Daily - 16 May 2024

In brief: Markets rattled by leadership change in Brazil’s Petrobras

*The market value of the Brazilian state-controlled oil company Petrobras has tumbled in response to the announcement on 14 May that the government had sacked CEO Jean Paul Prates. By the end of 15 May, the value of Petrobras’ ordinary shares (PETR3) on the São Paulo stock exchange had decreased by over 6.6%, while the value of its preferential shares (PETR4) dropped by around 6.0%. On the first day after the leadership change was announced Petrobras is estimated to have lost around R$34bn (US$6.6bn) in market value as reported by local media outlets. Prates is widely held to have placed more emphasis on maximising returns for private investors, while his appointed successor, Magda Chambriard, is known to be more aligned with the government led by President Luiz Inácio Lula da Silva, which favours a state-led model of economic growth. 

LatinNews
Intelligence Research Ltd.
167-169 Great Portland Street,
5th floor,
London, W1W 5PF - UK
Phone : +44 (0) 203 695 2790
Contact
You may contact us via our online contact form
Copyright © 2022 Intelligence Research Ltd. All rights reserved.