(Correction: with more accurate headline and clarification on share price)
The Argentina-arm of Brazil energy giant Petroleo Brasileiro (PBR), 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV