Petrobras to Merge Subsidiaries

In a meeting held last Friday, November 14, Petrobras’ board of directors have approved the merger proposals of Arembepe Energia S.A. and Energética Camaçari Muricy I S.A., the company’s wholly-owned subsidiaries.

The mergers will thus be submitted to a Petrobras’ extraordinary shareholders meeting to be convened in due course, the company said, adding that 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.