CVM opens a lawsuit after news of the upcoming resignation of Petrobras chief | Economie

Jose Mauro Coelho quit this morningafter protests by President Jair Bolsonaro and parliamentarians against a new fuel price adjustment last Friday (17).

The resignation announcement came after O Globo newspaper reported earlier that members of the board of directors Petrobras who spoke with Coelho over the weekend reported the executive’s willingness to resign.

Before the company formally reincarnated itself, it was business with shares Petrobras It was suspended even in B3.

Reuters questioned the CVM Whether the investigation may involve any accusation of “insider trading”, when market agents have access to privileged information about the company and use it to profit from the purchase and sale of shares. The agency did not respond.

The administrative process was opened by CVMNo. 19957.006614 / 2022-48, could become a formal investigation, depending on the findings after analysis by the municipality’s Corporate Control Department, as is customary in these cases.

José Mauro Coelho has resigned from the presidency and also from the company’s board of directors. The announcement came nearly a month after the executive branch came under pressure from the government itself in the face of fuel price adjustments.

Shortly after the announcement, in a new statement, Petrobras I was informed that the company’s current CEO, Exploration and Production, Fernando Borges, will be the interim president until a replacement for Coelho is elected and sworn in.

Jose Mauro Coelho, the third executive director of the state-owned company’s leadership in Jair Bolsonaro’s government, remained in office for 68 days – the second shortest term in the company’s management since the end of the military dictatorship.

His departure has been pending since May 23, when the Ministry of Mines and Energy announced that a third change in the leadership of the company would take place. The ministry claimed at the time that “several geopolitical factors known to all lead to impacts not only on gasoline and diesel prices, but on all energy components.”

The two CEOs who preceded Jose Mauro as president Petrobras Roberto Castillo Branco and General Joaquim Silva y Luna leave the state-owned company in the face of pressure from the government itself over rising fuel prices.

A possible alternative to Coelho is Cayo Pais de Andrade, Secretary of Bureaucracy Removal, Ministry of Economy. He was nominated for the position by the government a month ago, but the exchange has gone through specific legal procedures for the replacement.

Ibovespa, the main index of the Sao Paulo Stock Exchange, B3, closed near stability on Wednesday (20), with a focus on shares Petrobras .

Leaves Petrobras The day began with a suspension of almost an hour in B3, due to the publication of Jose Mauro Coelho’s resignation announcement. Friday, papers Petrobras It suffered a strong decline and the company lost 27.3 billion Brazilian riyals in market value.

The operating rules of B3 provide for the suspension of trading in the company’s shares due to the disclosure or imminent disclosure of a material fact relating to the company’s minutes before the opening of the session or during the trading session.

With the reopening, they fell 5% until a new material fact announced that they were being replaced by the company’s current CEO of Exploration and Production, Fernando Borges. The oil company’s shares were halted again for a few minutes, and resumed at around 11:45 am, with the downside lower in intensity before starting to rally.

At the end of the trading session, preferred stock (PETR4) rose 0.99% to R$27.58. Common shares (PETR3) rose 0.80% to R$30.17.

“The assessment is that the chance of CPI has significantly decreased with the switch. What is on the radar Petrobras Now it is an increase in the CSLL rate, which would further tax the sector. It also appears that the change in the PPI is ineffective, with a significant risk of a shortage of oil derivatives, which will end up more than offsetting the rise in prices negatively,” says Rodrigo Crespi, analyst at Guide Investimentos.

For Ilan Arptman, research analyst at Ativa Investimentos, Coelho’s departure may reduce “off-the-shelf” pressure on the company and may anticipate a recast of the board, which will be more conservative in applying derivatives price adjustments. .

*With information from Reuters