Tue Sep 2, 2008 8:18pm EDT Email | Print | Share | Reprints | Single Page | Recommend (-) Featured Broker sponsored link Trading will never be the same. BUENOS AIRES (Reuters) - Directors at the Argentine units of Brazilian state energy firm Petrobras (PETR4.SA: Quote, Profile, Research, Stock Buzz) (PBR.N: Quote, Profile, Research, Stock Buzz) said on Tuesday they had agreed to merge.
In a statement to the Buenos Aires Stock Exchange, they said Petrobras Energia (PER.BA: Quote, Profile, Research, Stock Buzz) would absorb Petrobras Energia Participaciones (PCH.BA: Quote, Profile, Research, Stock Buzz) in a reorganization aimed at cutting costs and simplifying their structures.
Petrobras Energia Participaciones has a 75.8 percent stake in Petrobras Energia -- one of Argentina's top oil and natural gas producers.
It has oil and gas exploration and production ventures elsewhere in South America as well as Argentine refineries, petrochemicals and electric power holdings and a chain of gasoline stations.
The statement said Petrobras Energia would apply for its shares to be listed on the New York stock exchange under the same conditions that shares in Petrobras Energia Participaciones are currently listed.
The shake-up, which is seen taking effect on January 1, 2009, must still be approved by shareholders. ----------- Smoke me a kipper, I'll be back for breakfast! |