Petrobras Comeback Snubbed by Former Backer as Election Nears


Petrobras may be making progress in its plan to reduce debt, but a former shareholder in the state-controlled energy giant isn’t ready to jump back in quite yet.

Aberdeen Asset Management Plc, the Scottish emerging-markets investor that backed Petrobras for more than a decade, exited the bet in 2014 as the Brazilian oil producer dealt with the so-called Carwash graft probe. Since then, a new CEO is pushing a plan to reduce the debt load it carries with asset sales and partnerships.

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