Petrobras Investors Come Out Ahead After Drama Over Dividends in Brazil
- Company set to pay 22 billion reais in extraordinary dividends
- Shares rose to the highest since February on the announcement
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A seven-week tug of war over Petrobras’s dividends wound up with the company delivering a 22-billion-reais ($4.3 billion) payout to investors.
Brazil’s federal government, which controls the company, proposed to pay half of available extraordinary dividends at a Thursday shareholders meeting, backtracking from a previous decision to withhold the payment.