Carlos Cupi, in representation of the Perez Companc family announced that " in a new stage of its long term strategy of Perez Companc family of mainting all its efforts in Argentina specially focusing in the active food sector through Molinos Rio de la Plata, the Holding have reached an agreement in principle for Petrobras to acquire 58,6% of the capital stock of PECOM, for U$S 754,621,000 in cash for Perez Companc class A shares and U$S 370,548,000 in Petrobras medium term notes for the Pérez Companc class B shares to be transferred." The notes will carry a 6% annual coupoun and a 7 year final maturity and, in certain circumstances, maybe settled by delivery of Petrobras preferred stock in the form of American Depositary Shares.
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Petrobras has publicly stated tahat it has no immediate interest to launch a tender offer for Perez Companc's class B shares.
Consummation of the transaction is subject to execution of a definitive Share and Purchase Agreement and, among other conditions, to (i) the closing of the exchange offer of Perez Companc's subsidiary, Pecom Energia SA, in respect of its outstanding notes, (ii) refinancing of Pecom Energia SA bank loans resulting in the completion of an acceptable bank loan profile, (iii) due diligence, (iv) Petrobras final board approval, and (v) certain required regulatory approvals.
Perez Companc's Family strategy regarding its investments is framed within their decision to focus on the foods sector, that started in 1999 acquiring Molinos Rio de la Plata and strengthening the company afterwards. The plan reached a new mark this year with the total acquisition of Molfino Hermanos SA, which together with Nieto Senetiner winery business, Pecom Agra and the stock participation in Terminal Bahia Blanca SA, added to the acquisition of Luchetti SA (Argentina), Good Mark and Iglo, integrated into Molinos.
Perez Companc will also seek as an immediate objective for a growing participation of exports in Molinos from 25% up to 45% for the total company revenue.
The concentration of the food business related activities of the Group in Molinos will allow, among other factors, the generation of its companies synergies through economy of scale logistics and growing sells.
About PEREZ COMPANC Perez Companc is the largest independently owned energy company in the Latin American region. Its business activities include oil and gas production and transportation, refining and petrochemicals, power generation, transmission and distribution as well as forestry activities. Headquartered in Buenos Aires, the Company has operations throughout Argentina, Brazil, Venezuela, Bolivia, Peru and Ecuador.
About PETROBRAS
Petrobras is one of the world's largest integrated energy companies, engaged in a broad range of activities including oil and gas exploration, production and transportation, refining, distribution and marketing of oil products, petrochemical, and power generation. Headquartered in Rio de Janeiro, the Company has principal operations in Brazil and throughout Latin America, as well as Gulf of Mexico and West Africa. Based upon 2001 consolidated revenues, Petrobras is the largest corporation in Brazil and the third largest in Latin America.
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