Merger of companies by Petrobras
Petrobras, in compliance with the provision of CVM Instruction 358/02, announces that its Board of Directors, in a meeting held on the 14 November 2014, has approved the merger proposals of Arembepe Energia S.A. and Energética Camaçari Muricy I S.A., Company's wholly-owned subsidiaries. Such mergers will be submitted to a Petrobras' Extraordinary Shareholders Meeting to be convened in due course.
The merging of such companies is designed to simplify the Company's corporate structure, reduce costs and capture synergies.
Given that the mergers involve wholly-owned subsidiaries, there will be no increase of capital at Petrobras or new stock issue. The shares representing the capital stock of such wholly-owned subsidiaries will be extinguished and the necessary accounting records will be made at Petrobras.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/19112014/merger-of-companies-by-petrobras/
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