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Petrobras (PBR) Stock Down as Board Might be Changed

NEW YORK (TheStreet) -- Petrobras (PBR - Get Report) stock is retreating by 0.26% to $7.68 in late-afternoon trading on Friday, as the Brazil-based energy company might change its new board of directors if President Dilma Rousseff is impeached.

Brazil's government controls Petrobras through a majority of voting shares, and can call a shareholders meeting to replace its seven representatives whenever it wants, Francisco da Costa e Silva, a former president of the local securities regulator, said according to Bloomberg.

If the move to impeach Rousseff succeeds, she will likely be replaced by Vice President Michel Temer, who is expected to enact economic reforms...


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