The actions of Petrobras fell this Tuesday (24) in the stock Exchange Brazilian company, after the announcement by the federal government of another change in the presidency of the state-owned company.
The company’s preferred share (PETR4) closed down 2.92%, quoted at R$31.60, after falling more than 4.5% throughout the day. The common paper (PETR3) devalued 2.85%, closing at R$ 34.40. In the morning, it retreated about 4%.
The company’s stock receipts traded on the stock exchange New York (ADRs) – which fell more than 5% this afternoon – closed down 3.80% at US$ 14.23.
Flávio Conde, head of variable income at Levante, says that the drop in this session was generated by the government’s announcement, which brings the prospect of a greater spacing effort in fuel readjustments. For him, investors may be selling the shares due to fear of the uncertain scenario, taking profits after a sequence of high in the state’s shares.
On Monday night (23), the Ministry of Mines and Energy announced the departure of Jose Mauro Ferreira Coelho elected on April 14, from office.
In his place, Caio Mário Paes de Andrade, who comes from the Special Secretariat for Debureaucratization, Management and Digital Government, was appointed. Ministry of Economy where he is responsible for the Gov.br platform.
Investors expect Caio Mário Paes de Andrade to maintain a pro-market profile and not try to change Petrobras’ pricing policy, based on international parity, according to André Perfeito, chief economist at Necton.
“The market must like the nomination since Caio is a professional linked to liberal values and close to Minister Paulo Guedes”, he says.
Also according to Perfect, the change indicates that the Ministry of Economy “is more in control than ever of the oil company”.
“Under the guidance of the new Minister of Mines and Energy, Adolfo Sachsida, studies were started for the privatization of the company and we should probably see support from the new president in this regard”, he evaluates.
Andrade has a degree in Social Communication from Universidade Paulista, a postgraduate degree in Administration and Management from Harvard University and a Master’s in Business Administration from Duke University, and is a member of the Board of Directors of Embrapa and PPSA (Pré-Sal Petróleo SA).
In a note, the ministry justified the exchange citing the escalation in the prices of fuels and stated that Andrade “has all the qualifications to lead the company and overcome the challenges that the present situation imposes”.
The appointment will still need to be approved by the company’s shareholders through an Extraordinary General Meeting. As Coelho was elected by the multiple vote system, the other members of the state-owned company’s board of directors elected along with him will also be removed s. In all, there are eight of the current 11.
Source: CNN Brasil
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