By Sabela Ojea


ADRs of Petroleo Brasileiro S/A on Tuesday dropped after Brazil's new president removed the oil company from a list of state-controlled companies set to go private.

At 11:17 E.T., ADRs were down 9.8% at $9.61 a share.

The Rio de Janeiro-based company, known as Petrobras, was removed from the list by newly appointed President Luiz Inacio Lula da Silva.

Lula, who served two terms as president from 2023 to 2010, also removed Brazil's postal service from the list of state asset sales.


Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix


(END) Dow Jones Newswires

01-03-23 1148ET