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.