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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS (PETR4)
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New Petrobras CEO pushes to oust board members: sources

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01/11/2019 | 03:53pm EST
Castello Branco, the new CEO of Brazil's state-run oil company Petrobras, is seen at a ceremony marking his taking over the firm, in Rio de Janeiro

RIO DE JANEIRO (Reuters) - The new chief executive of Brazil's Petroleo Brasileiro SA is pushing for the ouster of two of the state-controlled oil company's board members, three people with knowledge of the matter said on Friday.

Roberto Castello Branco is seeking the resignation of two Petrobras board members, Segen Estefen and Durval Soledade, whose mandates were only supposed to end in 2020. Brazilian newspaper Valor Economico was first to report that Castello Branco was pushing for their exit.

The people, who asked for anonymity due to the sensitivity of the matter, said that if the board members do not agree to resign, the government can call for a shareholders' meeting to elect new board members.

One of the sources said the pressure for the directors' resignation is viewed within Petrobras as a threat to corporate governance rules approved as the company sought to shield the company from undue political influence. Such influence was found to be a big factor in the kickbacks and graft uncovered at Petrobras in Brazil's largest ever corruption probe.

A second source said both board members were frequently at odds with Castello Branco's enemies when he worked at the company in 2015 and 2016.

Chairman Nelson Guedes and board member Francisco Petros resigned earlier in January, and Jerônimo Antunes was appointed as interim chairman last week.

Valor Economico also reported that the pressure to oust the board members was related to a "transfer-of-rights" dispute with the government, worth billions of dollars and related to a promising offshore oil area. None of the sources who spoke to Reuters confirmed that version of events.

With the departure of Estefen and Santos, the new government would designate four of 11 board members at Petrobras, given the recent resignation of two other board members.

Petrobras did not reply to requests for comment.

In the past, Economy Minister Paulo Guedes has railed against the state's outsized role in the Brazilian economy, even proposing that Petrobras and other state-run firms be privatized or split up.

Preferred shares of Petrobras were down 1.2 percent in late afternoon trading, compared with a more than the 0.15 percent decline in the benchmark Bovespa stock index <.BVSP>.

Earlier this week, Petrobras said the country's audit court was analyzing a potential $14 billion government payment to the company to settle the transfer of rights issue. The Economy Ministry has denied that the final settlement will be that high.

(Additional reporting by Tatiana Bautzer in Sao Paulo; Editing by Frances Kerry and Marguerita Choy)

By Marta Nogueira and Rodrigo Viga Gaier

Stocks mentioned in the article
ChangeLast1st jan.
IBOVESPA -0.44% 94055.7218 Delayed Quote.7.35%
PETROLEO BRASILEIRO SA PETROBRAS 0.00% 24.83 End-of-day quote.9.66%
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Financials (BRL)
Sales 2018 353 B
EBIT 2018 71 588 M
Net income 2018 31 656 M
Debt 2018 287 B
Yield 2018 3,42%
P/E ratio 2018 9,87
P/E ratio 2019 8,34
EV / Sales 2018 1,81x
EV / Sales 2019 1,62x
Capitalization 351 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 28,3  BRL
Spread / Average Target 14%
EPS Revisions
Managers
NameTitle
Roberto Castello Branco Chief Executive Officer
Jerônimo Antunes Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS9.66%94 992
ROYAL DUTCH SHELL2.63%249 339
PETROCHINA COMPANY1.39%188 532
TOTAL1.88%142 418
EQUINOR2.86%73 939
NK ROSNEFT' PAO--.--%67 679