Brazilian President Lula da Silva pressured Petrobras board to reject special dividend, causing 12% share drop and $11B market value loss.

Brazilian President Luiz Inacio Lula da Silva's pressure led Petroleo Brasileiro SA (Petrobras) board members to reject a special dividend proposal, surprising investors and causing Petrobras shares to tumble 12% and erase $11 billion in market value. The dividend rejection weakened the Brazilian real and raised concerns about increased government intervention in the country's biggest companies.

March 08, 2024
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