Petrobras Attempts To Salvage Market Value

A few days after losing $14 billion in market value, Brazil’s state-run oil company, Petrobras, said it may dole out a special dividend after all, CEO Jean-Paul Prates said Monday, which could be the subject of a vote during April’s meeting of shareholders. Brazil's shares crashed on Friday, shaving $14 billion off the company’s market value after it disappointed investors by skimping on its dividend, with the ramifications spilling beyond Petrobras and into the wider Brazilian stock market.

Related Two Countries That Could Break Putin's Gas Grip On Europe Lula has summoned Prates to discuss the issue, with the two scheduled to meet later on Monday. Prates said he would not leave his role over the dividend issue. Investors and analysts had expected an extraordinary dividend between $3 and $4 billion for the quarter, on top of the $2.9 billion regular dividend.

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