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Anses sells all Petrobras Argentina shares worth $156 million

Staff Writer |
The Anses Sustainability Guarantee Fund (FGS) added $156 million to its equity.

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Anses sold 11.85% of the capital stock of Petrobras Argentina within the framework of the Pampa Energía takeover bid, where the FGS has 18% valued at $385 million.

The price offered in the takeover bid involves a premium of 4.54% over the current price and 3.22% over the original transaction value.

Once the takeover bid has been completed, the merger of the two companies, is very likely, Pampa being foreseen as the absorbing company.

Had Anses kept their Petrobras stake, they would have had to go to a non-voluntary arbitration by Pampa.

Technically, shareholders of Petrobras Argentina can sell voluntarily today or forcibly in the future and there was no possible scenario in which to stay and see how everything goes.

Buying more Pampa stock was not very convenient either because moving up to 23% of the shares from its current 18% would not make a big difference with the merger in mind. Anses already has four directors as well on the Pampa board.


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