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4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

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Petrobras : to pay nearly $3bn to settle US lawsuit

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01/03/2018 | 08:15pm CET

Brazil's state-run oil company has said it will pay $2.95bn to settle a class action brought by investors in the United States.

Petroleo Brasileiro SA,  commonly known as Petrobras, said in a statement on Wednesday that the 

settlement would bring to an end a legal battle with investors claiming to have suffered losses as a result of a region-wide corruption scandal involving the oil giant.

The company has been embroiled in the scandal for several years since an investigation dubbed Operation Car Wash uncovered that a number of companies were paying bribes to officials to secure contracts with Petrobras, and Brazilian construction giants Odebrecht and OAS.

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Petrobras said that the agreement "does not constitute any admission of wrongdoing or misconduct" by the company, which claims also to have suffered from the corruption scheme.

The oil giant proposed to pay the settlement in three instalments. The decision will need to be approved by a US judge.

The settlement was lower than analysts predicted but, if approved, will be one of the largest securities class action settlements in the US.

Petrobras and politics

Since the scandal broke in 2014, dozens of senior politicians and high-ranking businessmen have been removed from their positions.

In 2016, millions of Brazilians took to the streets to demand the removal and impeachment of then President Dilma Rousseff and her predecessor Luiz Inacio "Lula" da Silva.

The two Workers Party politicians were charged with racketeering for allegedly plotting to skim funds from Petrobras, despite no evidence linking Rousseff to the oil giant.

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Rousseff and others have speculated that her impeachment was politically motivated as she refused to stop Operation Car Wash or protect politicians from being investigated.

Lula remains Brazil's most popular politician and the

favourite

to win the presidency in the general elections in 2018.

A Brazilian court will decide on Lula's appeal against his corruption conviction on January 24.

If denied, he may be barred from politics and unable to reclaim the presidency.

© 2014 Aljazeera Network, source Al Jazeera English

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Financials ( BRL)
Sales 2017 287 B
EBIT 2017 46 951 M
Net income 2017 17 006 M
Debt 2017 298 B
Yield 2017 4,30%
P/E ratio 2017 14,00
P/E ratio 2018 9,66
EV / Sales 2017 1,90x
EV / Sales 2018 1,64x
Capitalization 247 B
Chart PETROLEO BRASILEIRO SA PET
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Petroleo Brasileiro SA Pet Technical Analysis Chart | PETR4 | BRPETRACNPR6 | 4-Traders
Technical analysis trends PETROLEO BRASILEIRO SA PET
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 21,2  BRL
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Pedro Pullen Parente President, CEO & Executive Director
Luiz Nelson Guedes de Carvalho Chairman
Ivan de Souza Monteiro Chief Financial & Investor Relations Officer
Roberto Moro Chief Engineering & Technology Officer
Segen Farid Estefen Director
Sector and Competitors
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PETROLEO BRASILEIRO SA PETROBRAS13.04%77 056
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PETROCHINA COMPANY7.91%237 023
TOTAL3.34%146 471
STATOIL4.97%77 179
ENI8.33%66 611