Merger of companies by Petrobras
Petrobras, in compliance with the provision of CVM Instruction 358/02, announces that its Board of Directors, in a meeting held last Friday (11/14/2014), has approved the merger proposals of Arembepe Energia S.A. and Energética Camaçari Muricy I S.A., Company`s wholly-owned subsidiaries. Such mergers will be submitted to a Petrobras` Extraordinary Shareholders Meeting to be convened in due course.
The merging of such companies is designed to simplify the Company´s corporate structure, reduce costs and capture synergies.
Given that the mergers involve wholly-owned subsidiaries, there will be no increase of capital at Petrobras or new stock issue. The shares representing the capital stock of such wholly-owned subsidiaries will be extinguished and the necessary accounting records will be made at Petrobras.