Posted 3/8/2024, 10:53:45 PM
Petrobras Shares Plunge Over 11% as Smaller-Than-Expected Dividend Sparks Investor Fears of Greater State Interference
- Petrobras shares fell over 11% after delivering a smaller-than-expected dividend payout to shareholders
- The CEO abstained from the vote on the dividend amid pressures from the Brazilian government and President Lula da Silva
- The government wants Petrobras to boost investments rather than pay out dividends to shareholders
- Petrobras has a $100B+ investment plan over the next 5 years, with $5B allocated for renewable energy
- Investors are concerned about greater government interference in Petrobras and other Brazilian state-owned enterprises under President Lula