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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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Petrobras : to pay nearly $3bn to settle US lawsuit

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01/03/2018 | 08:15pm CEST

Brazil's state-run oil company has said it will pay $2.95bn to settle a class action brought by investors in the United States.

Petroleo Brasileiro SA,  commonly known as Petrobras, said in a statement on Wednesday that the 

settlement would bring to an end a legal battle with investors claiming to have suffered losses as a result of a region-wide corruption scandal involving the oil giant.

The company has been embroiled in the scandal for several years since an investigation dubbed Operation Car Wash uncovered that a number of companies were paying bribes to officials to secure contracts with Petrobras, and Brazilian construction giants Odebrecht and OAS.

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Petrobras said that the agreement "does not constitute any admission of wrongdoing or misconduct" by the company, which claims also to have suffered from the corruption scheme.

The oil giant proposed to pay the settlement in three instalments. The decision will need to be approved by a US judge.

The settlement was lower than analysts predicted but, if approved, will be one of the largest securities class action settlements in the US.

Petrobras and politics

Since the scandal broke in 2014, dozens of senior politicians and high-ranking businessmen have been removed from their positions.

In 2016, millions of Brazilians took to the streets to demand the removal and impeachment of then President Dilma Rousseff and her predecessor Luiz Inacio "Lula" da Silva.

The two Workers Party politicians were charged with racketeering for allegedly plotting to skim funds from Petrobras, despite no evidence linking Rousseff to the oil giant.

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Rousseff and others have speculated that her impeachment was politically motivated as she refused to stop Operation Car Wash or protect politicians from being investigated.

Lula remains Brazil's most popular politician and the

favourite

to win the presidency in the general elections in 2018.

A Brazilian court will decide on Lula's appeal against his corruption conviction on January 24.

If denied, he may be barred from politics and unable to reclaim the presidency.

© 2014 Aljazeera Network, source Al Jazeera English

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Financials (BRL)
Sales 2018 350 B
EBIT 2018 74 950 M
Net income 2018 29 581 M
Debt 2018 301 B
Yield 2018 3,26%
P/E ratio 2018 10,84
P/E ratio 2019 7,96
EV / Sales 2018 1,89x
EV / Sales 2019 1,56x
Capitalization 361 B
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 27,9  BRL
Spread / Average Target 7,8%
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Managers
NameTitle
Ivan de Souza Monteiro President, Chief Executive Officer & Director
Luiz Nelson Guedes de Carvalho 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 PETROBRAS60.78%96 181
ROYAL DUTCH SHELL2.18%272 094
PETROCHINA COMPANY9.15%211 417
TOTAL16.30%162 904
EQUINOR26.37%88 831
NK ROSNEFT' PAO--.--%75 165