Wed, Mar. 2, 3:34 PM
- Argentina's Pampa Energia (PAM -3.1%) has offered ~$1.2B to buy Petrobras' (PBR +8%) 67% stake in Petrobras Argentina (PZE +1.4%), with a final deal likely to be completed within two months, Reuters reports.
- The PBR board approved exclusive talks with PAM for up to 60 days, according to a Brazilian securities filing.
- If completed, the sale would be one of the first major deals in PBR's plan to sell $15B of assets by the end of 2016.
Wed, Mar. 2, 10:35 AM
- Petrobras (PBR +2.2%) is in exclusive talks to sell its controlling stake in Petrobras Argentina (PZE +2.4%) to Pampa Energia (PAM -4.7%), as it seeks to reduce debt and raise capital to keep core investments going in Brazil.
- Petrobras Argentina is one of the four largest producers of oil and gas in the country and has extensive downstream operations, including refining, petrochemicals and power generation.
- Pampa Energia is the largest integrated power company in Argentina and produces ~8% of all the country's electricity.
Jun. 20, 2014, 5:36 PM
Pampa EnergÃa SA engages in the electricity generation, transmission and distribution through its subsidiaries and joint ventures. It operates through the following segments: Electricity Generation, Electricity Transmission, Electricity Distribution, and Holding and Others. The Electricity... More
Industry: Electric Utilities