Petrobras Energía Participaciones S.A.
On July 22, 2002 Petrobras announced that it had reached an agreement in principle to acquire a controlling interest in Perez Companc S.A. (58.6% of the capital stock) from the Perez Companc family and the Perez Companc Fundation. Payment of US$ 689,184,000 in cash and US$ 338,416,000 in Notes issued by Petrobras International Finance Company, a wholly owned subsidiary of Petrobras, with a 4.75% annual coupon and five year maturity, was made on October 4th, 2007.
Petrobras also acquired 39.7% of the outstanding capital stock of Petrolera Perez Companc S.A. owned directly by the Family for US$ 49,752,177 in cash that together with the 19.2% of stake of Pecom Energía S.A. they assured the controlling interest of this subsidiary.
On May 13, 2003 the Comisión Nacional de Defensa de la Competencia, an agency reporting to the Argentine Secretariat of Competition, Deregulation and Consumer Protection (Secretaría de la Competencia, la Desregulación y la Defensa del Consumidor), approved the purchase by Petrobras Participações S.L., a company controlled by Petrobras, with only minor requirements that did not represent any relevance to the strategic plan of Petrobras in Latina America.
Upon approval of the transaction, all necessary formalities relating to the registration of the change of Perez Companc S.A.'s corporate name to Petrobras Energía Participaciones S.A. and Pecom Energía S.A.'s name to Petrobras Energía S.A., approved at both companies' Shareholders´ Meetings held on April 4, 2003, were concluded. Moreover, Petrolera Perez Companc S.A. had its corporate name modified to Petrobras Exploração e Serviços S.A..
About Petrobras Energía Participaciones S.A. (Perez Companc S.A.)
Its business activities include oil and gas production and transportation, refining and petrochemicals, power generation, transmission and distribution. Headquartered in Buenos Aires, the Company has operations throughout Argentina, Brazil, Venezuela, Bolivia, Peru and Ecuador.
Its mission is to create the highest possible value for shareholders, customers, employees, investors, suppliers and for the communities in which its business activities take place. It is a leading, renowned, integrated energy company in Latin America, working toward international expansion.
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