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Potential Adjustments To Bylaws Prompts Petrobras Weakness

BRAZIL
  • Petróleo Brasileiro's (PETR4 BZ) preferred shares have declined 4.2% after the state-owned oil company proposed adjustments to its bylaws.
  • Among the changes are the creation of a capital remuneration reserve and a review of policy for appointing members of senior management and fiscal council. Headlines confirmed that that board has approved the changes, however, the company's shareholders will have to approve any changes.
  • According to a note from Goldman Sachs analysts, the creation of the proposed capital-remuneration reserve “increases uncertainties in our forecast for the payment of a potential extraordinary dividend”.
  • Analysts have reiterated that investors remain uncomfortable with the proposal because of concerns it might make it easier for the government to interfere in the company's operations.
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