COMPANY NEWS: Petrobras to acquire control of Perez Companc

07/29/2002
Petróleo Brasileiro SA (Petrobras) announced an agreement in principle to acquire a controlling interest in Argentina's Perez Companc SA from the Perez Companc family and its foundation, for $1.18 billion.Like many other Argentine companies, Perez Companc has been struggling with financial problems amid the country's fiscal woes.Petrobras Pres. Francisco Gros said that his company intends to acquire 58.6% of the capital stock of Perez Companc. The amount paid will include $754.6 million in cash and $370.5 million in notes to be issued by Petrobras with a 6% annual coupon and a 7-year final maturity. Under certain circumstances, payment may be settled by delivery of Petrobra...
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