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Petrobras restructures petrochemical division
17
Jun '13
Petrobras, in compliance with the provision in the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) Rule No. 358, of January 3, 2002, announces that its Board of Directors approved the restructuring of its petrochemical portfolio, and the subsequent merger of its wholly-owned subsidiaries Comperj Participações S.A., Comperj Estirênicos S.A., Comperj MEG S.A. and Comperj Poliolefinas S.A.

The referred transactions will be submitted to a vote by shareholders in a Special Shareholders Meeting to be convened in due time.

The merger of Comperj Participações S.A., Comperj Estirênicos S.A., Comperj MEG S.A. and Comperj Poliolefinas S.A by Petrobras is primarily designed to streamline the company’s corporate structure and restructure its petrochemical portfolio, since the transaction will lead to the consolidation of the petrochemical assets held by PETROBRAS and invested in Comperj Participações S.A., Comperj Estirênicos S.A., Comperj MEG S.A. and Comperj Poliolefinas S.A, resulting in lower management costs, improved streamlining and alignment of business decisions, rationalization of the company’s activities and the simplification of procedures that reallocate investment resources.

Since it involves the merger of its wholly-owned subsidiaries, Petrobras’ capital will not increase and no new shares will be issued. The shares representing the capital of Comperj Participações S.A., Comperj Estirênicos S.A., Comperj MEG S.A. and Comperj Poliolefinas S.A will be dissolved, and Petrobras will proceed with the necessary accounting records.

Furthermore, PETROBRAS announces that before the Special Shareholders Meeting that will deliberate the merger of Comperj Participações S.A., Comperj Estirênicos S.A., Comperj MEG S.A. and Comperj Poliolefinas S.A, the Companhia de Desenvolvimento de Plantas de Utilidades, a company for the development of utilities plants, will merge into Comperj Participações S.A., whose capital will increase.

Petrobras will keep its shareholders and the market as a whole properly updated on the latest developments regarding the merger.

Petrobras

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