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Petrobras controlling shareholder is the Brazilian government, not the ADR holder. If Petrobras focuses on maximizing the governments valuation of the shares, how would this

Petrobras controlling shareholder is the Brazilian government, not the ADR holder. If Petrobras focuses on maximizing the governments valuation of the shares, how would this affect its discount rate for Pecom? (I am looking for a qualitative answer here)

Harvard Case: Drilling South: Petrobras Evaluates Pecom

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