Petrobras management proposed extra dividend but board blocked it, sources say

RIO DE JANEIRO, March 8 (Reuters) - The management of Brazil's state-run oil giant Petrobras proposed a pay out of 50% of the extraordinary dividend allowed by its bylaws for the fourth quarter, but the firm's board of directors voted against it, two sources familiar with the matter told Reuters on Friday.

Chief Executive Jean Paul Prates pushed for the dividends but ended up losing the board vote, according to the sources. Shares in the company plunged on Friday after the firm did not announce the expected extraordinary dividend. (Reporting by Marta Nogueira; Editing by Gabriel Araujo)