Enauta Participações SA, 3R Petroleum Óleo e Gás SA, and Maha Energy Offshore Brasil Ltda. are closer to completing a merger with a signed document from the board of directors of each company.
The companies signed a “Protocol and Justification” document outlining the terms of the prospective merger in which the new company would be owned 53% by 3R shareholders and 47% by Enauta shareholders, advancing the deal from the memorandum of understanding signed earlier this year (OGJ Online, Apr. 11, 2024).
The new company would be led by Decio Oddone, the current Enauta chief executive officer. Rodrigo Pizarro, 3R’s chief financial officer, would serve as chief financial officer of the merged company.
The merger of Enauta shares into 3R is intended to create a diversified independent company operating in the oil and gas chain in Latin America, with scale and high growth potential over the next 5 years, the companies have said.
Any deal remains subject to shareholder approval and clearance from Brazil’s Administrative Council for Economic Defense – CADE.
