Petrobras shares plummeted this Wednesday (14) on the São Paulo Stock Exchange, after the advance in Congress of a law that facilitates political appointments for the command of state-owned companies.
Petrobras common stock (PETR3) fell 9.8% at the close of B3.
The market’s reaction is a response to the approval on Tuesday night in the Chamber of Deputies of amendments to the State-Owned Companies Law, created in 2016 to shield public companies from political interference.
Among several points, the project reduces from 36 months to 30 days the waiting period for party leaders or those who have participated in electoral campaigns to be appointed to head state companies.
The changes are seen as a nod to the president-elect, Luiz Inácio Lula da Silva, who appointed Aloizio Mercadante as the future president of the National Bank for Economic and Social Development (BNDES), a historic member of the Workers’ Party (PT) and member of the team of transition.
The project was approved in a “lightning, sneaky, opportunistic and contrary to the public interest” vote, criticized the Instituto Não Accept Corruption (Inac).
The bill will still be debated and voted on in the Senate, with no set deadline.
The market reacts nervously to Lula’s imminent inauguration due to fears of an unbridled increase in public spending and a rejection of privatizations.
On January 1, the PT leader will assume the Presidency of Brazil for a third term.
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