Petroleo Brasileiro S.A. - Petrobras (PBR)

[eastunder]

Petrobras Sinks on Shortseller Comments

http://blogs.barrons.com/emergingmarketsdaily/2014/10/21/emerging-markets-today-petrobras-sinks-on-shortseller-comments/?mod=yahoobarrons&ru=yahoo


By Dimitra DeFotis

Associated PressA McDonald’s Big Mac.
Shares of Petrobras, Brazil’s state-run oil giant, are down more than 9% premarket after hedge fund manager and short-seller Jim Chanos said he is shorting the debt and equity of Petroleo Brasileiro (PBR). Over the weekend, Pres. Dilma Roussseff, who is running for reelection in Sunday’s runoff election, acknowledged evidence that money was illegally diverted from Petrobras for political gain. Chanos was blunt, saying Petrobras exists to serve the government, not shareholders, with its massive deep-water exploration and production projects off the coast of Brazil. He made the comments at a New York investing conference, according to Reuters and Bloomberg.