By Jeffrey T. Lewis
SÃO PAULO--Petrorecôncavo shares fell 3.9% after state-controlled oil company Petróleo Brasileiro canceled the sale of some assets, including an onshore field the Brazilian oil junior was in talks to buy.
Shares reached 22.95 reais, the equivalent of $4.61, and are down 28% from the end of last year through Monday's close. Brazil's benchmark Ibovespa stocks index was down 0.8% in early trading.
Petrobras, as the state-controlled oil company is known, said Monday morning that it was canceling the sale of some assets, including a field that Petrorecôncavo was negotiating to buy.
Petrorecôncavo, which was included in the Ibovespa on Monday, said Monday evening that it's entitled to the return of the deposit it made as a financial guarantee at the start of the talks with Petrobras.
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(END) Dow Jones Newswires