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

PETROLEO BRASILEIRO SA PETROBRAS

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Petroleo Brasileiro Petrobras : Brazil's Odebrecht to Pay $50 Million to Charities Under Deal With Development Bank

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09/04/2019 | 05:13pm EDT

By Dylan Tokar

Odebrecht SA, a Brazilian construction conglomerate, will pay $50 million in charitable contributions to resolve allegations of bribery under a deal reached with a Latin American development bank.

The payments will go to charities and nonprofit organizations that operate in Latin America, the Inter-American Development Bank said Wednesday.

Under the agreement, certain Odebrecht subsidiaries will also be prohibited from bidding on bank-funded projects for varying lengths of time, the IDB said.

Odebrecht representatives didn't immediately respond to a request for comment.

The IDB settlement is the latest in a long series of setbacks for

Odebrecht, one of the most high-profile targets of a landmark corruption investigation into Brazil's state-controlled oil company, Petróleo Brasileiro SA, also known as Petrobras.

Odebrecht and petrochemical company Braskem SA in 2016 struck parallel agreements with authorities in three countries to pay up to $4.5 billion, as part of the largest anticorruption settlement in history. Braskem is partly owned by Odebrecht and Petrobras.

The settlements with U.S., Brazilian and Swiss authorities have spawned corruption probes in other Latin American countries where the two companies operate. Last month, Odebrecht filed for chapter 15 bankruptcy in the U.S. shortly after it filed for bankruptcy in Brazil in June.

The IDB said its investigation revealed evidence of bribes paid by Odebrecht during a contract for a hydroelectric power plant in Venezuela and a highway rehabilitation project in the state of São Paulo, Brazil.

Under the terms of the settlement announced Wednesday, Odebrecht didn't contest the evidence, the IDB said. The company won't be required to pay the $50 million in charitable contributions until 2024.

CNO SA, a subsidiary of Odebrecht, will be debarred from bidding on IDB projects for six years, the IDB said.

Another subsidiary, Odebrecht Engenharia e Construção SA, will be conditionally non-debarred for 10 years. Under a conditional non-debarment, the subsidiary will be eligible to participate in IDB-financed projects if it fully meets the conditions of the settlement.

A number of other CNO and Odebrecht Engenharia subsidiaries were also debarred or conditionally debarred under the settlement, IDB said.

Write to Dylan Tokar at dylan.tokar@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
PETROLEO BRASILEIRO SA PETROBRAS -1.32% 27.69 End-of-day quote.18.52%
WTI -5.11% 58.74 Delayed Quote.21.48%
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Financials (BRL)
Sales 2019 339 B
EBIT 2019 80 111 M
Net income 2019 38 040 M
Debt 2019 271 B
Yield 2019 3,13%
P/E ratio 2019 8,36x
P/E ratio 2020 7,89x
EV / Sales2019 1,95x
EV / Sales2020 1,76x
Capitalization 388 B
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Mean consensus BUY
Number of Analysts 11
Average target price 34,14  BRL
Last Close Price 27,69  BRL
Spread / Highest target 48,1%
Spread / Average Target 23,3%
Spread / Lowest Target 7,62%
EPS Revisions
Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS18.52%95 071
ROYAL DUTCH SHELL2.63%229 779
PETROCHINA COMPANY-12.90%160 579
TOTAL3.54%136 021
GAZPROM PAO (EDR)63.83%81 194
GAZPROM PAO--.--%81 194