Good morning! Today, we talk about how the government’s stance on Petrobras has disgruntled the oil firm’s minority shareholders. Lula catches a break in the House. The return of Jair Bolsonaro to Brazil.
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Petrobras: U-turn on asset sales may be investigated
CVM, Brazil’s Securities Commission, has received an anonymous request to investigate and prevent irregularities in the way Petrobras is approaching the sale of its assets. The whistleblower’s claim was first reported by finance newspaper Valor.
What they are saying. Valor had access to an excerpt of the claim. It says that the government, which is Petrobras’s controlling shareholder, and the company’s top brass may be violating Brazil’s corporate law by trying to get the oil and gas giant to back out of selling some of its assets.
- The claim says the government is harming minority shareholders by creating a state of uncertainty about the direction the company will take, which is hurting share prices.
Zoom out. Petrobras signed an agreement in 2019 with Cade, Brazil’s antitrust regulator, committing to sell...