Petrobras restructures petrochemical through Braskem stock merger

Petrobras Química S.A. – Petroquisa, a Petrobras (PBR) subsidiary, and W.B.W.S.P.E Empreendimentos e Participações S.A. (WBW), a Petroquisa subsidiary, announce WBW was taken over by BRK Investimentos Petroquímicos S.A. (BRK), advancing with the petrochemical participation interest restructuring operation. WBW held 31% of the common stock issued by Braskem S.A. 

With the operation, Odebrecht and Petrobras started the process of concentrating the entirety of their ordinary shares issued by Braskem in BRK. Now, BRK will go on to bear ordinary stock issued by Braskem at the amount of 93.3% of its voting capital. As a consequence, Odebrecht and Petrobras sign Braskem and BRK’s Shareholder Agreement, as announced on January 22 2010. 

The operation consists of the takeover of WBW by BRK, with the entirety of WBW’s assets being turned over to BRK’s assets, which will succeed it universally, in all of its assets, rights and obligations. As a result of the takeover, for each common share issued by WBW and held by Petroquisa, an attribution will be made of sixteen one-hundredths and fraction (0.163721681) ordinary shares issued by BRK. 

WBW’s net assets were assessed by specialized company APSIS Consultoria Empresarial Ltda, based on its book value, as per WBW’s financial statements prepared on the base date, for the purpose of making the accounting entries for the increase in the capital of BRK resulting from the takeover.



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