Merger of Companhia Mexilhao do Brasil

Source: www.gulfoilandgas.com 3/1/2011, Location: South America

Petrobras, in compliance with the provision in CVM Instruction 358/02, publicly announces that its Board of Directors approved the merger offer of its wholly-owned subsidiary Companhia Mexilhao do Brasil (CMB) and that the cited merger will be voted on by its shareholders in a timely convened Special Shareholders' Meeting.

CMB was established in order to raise funds for the construction of a fixed jacket platform which will be used to produce natural gas in the Mexilhao field. The cited financial structuring provided that, following the Project's termination, Petrobras would acquire the representative shares of CMB's capital stock, which took place on 01.12.2011. In order to simplify its corporate structure and reduce costs, Petrobras proposes that the merger of CMB be voted on in a Special Shareholders' Meeting.

Given that this entails the merger of a wholly-owned subsidiary, there will be no increase in Petrobras's capital stock or issuance of new shares. The representative shares of the capital stock of the cited wholly-owned subsidiary will be dissolved, furthering the necessary accounting adjustments at Petrobras.

The Company will keep its shareholders and the general market timely and adequately informed with respect to any developments related to the merger transaction until it is completed.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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