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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.
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El presidente brasileño, Lula da Silva, presionó al directorio de Petrobras para que rechazara el dividendo especial, lo que provocó una caída del 12 % en las acciones y una pérdida de valor de mercado de 11 mil millones de dólares.