Petrobras Energia Reorganizes

(Correction: with more accurate headline and clarification on share price)

BUENOS AIRES ( TheStreet) -- 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), 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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