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Petrobras shares fall, analysts point to poor management by Brazil
Petrobras shares fall, analysts point to poor management by Brazil

When Brazil's state-run oil company raked in $70 billion in a 2010 public offering, leaders here called it evidence of the nation's rising economic power. "It wasn't in Frankfurt. It wasn't in London. It wasn't in New York. It was here in São Paulo," then-President Luiz Inácio "Lula" da Silva said of Petróleo Brasileiro's stock sale, a record at the time. "Petrobras is an extraordinary triumph for Brazil's achievement." Less than four years later, Petrobras looks more like a political black eye for Lula's successor, Dilma Rousseff, and for Brazil's image as a fast-growing emerging market. ...

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