Petrobras Finds No Proof Of Insider Trading

Law360, New York (May 25, 2007, 12:00 AM EDT) -- Brazilian oil firm Petroleo Brasileiro SA may be in the clear over its acquisition of the country’s second largest fuel distributor, Grupo Ipiranga, after an internal commission didn’t find any proof of insider trading.

Petrobras announced the results of its internal investigation, the company initiated in March, on Thursday.

Company employees who knew about the $4 billion Ipiranga buyout by Petrobras and petrochemical firms Ultrapar and Braskem did not leak any information of the sale beforehand, the commission found.

There was also no evidence that a...
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