Petrobras Energia Reorganizes
(Correction: with more accurate headline and clarification on share price)
BUENOS AIRES (
) --
Petrobras Energia S.A.
(PZE)
, or PESA, the Buenos Aires-based energy player, announced today that it completed reorganization moves.
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
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