(Correction: with more accurate headline and clarification on share price)
The Argentina-arm of Brazil energy giant Petroleo Brasileiro (PBR - Get Report), or Petrobras, PESA completed moves to combine with its holding company, Petrobras Energia Participaciones, or PEPSA, on Tuesday.
According to a press release, each PEPSA share was exchanged for 0.36 shares of PESA, with PESA as the surviving entity.After the exchange, the Petrobras Energia stock closed at $17.91 on the New York Stock Exchange -- an apparent increase of 180%. The change in price, however, was largely a reflection of the exchange. In a Dow Jones report, Petrobras said that the move was "a corporate simplification without any implications on the businesses." -- Written by Sung Moss in New York Follow TheStreet.com on Twitter and become a fan on Facebook.