SAO PAULO, April 10 (Reuters) - Brazilian energy
companies Enauta and 3R Petroleum have
signed a memorandum of understanding to go ahead with a proposed
merger, a securities filing showed on Wednesday.
Oil and gas producer Enauta presented an offer to combine
with fellow oil firm 3R earlier this month which halted 3R's
then-ongoing talks for a tie-up with rival PetroReconcavo.
The deal could create, according to Enauta, a company
potentially able to produce more than 100,000 barrels of oil
equivalent per day.
The memorandum of understanding states that Enauta and 3R
Petroleum have a 30-day period, which can be extended for
another month, to discuss the potential deal and perform due
diligence with exclusivity.
Under the all-stock-deal, Enauta would be incorporated by 3R
and its shareholders would receive new shares of 3R, the
companies said. Shareholders in 3R would hold 53% of the
combined company while Enauta investors would own 47%.
The memorandum also established that 3R minority shareholder
Maha Energy, which had been leading efforts for a
potential deal with PetroReconcavo, would receive an additional
2.2% stake of the combined firm.
Sweden-based Maha currently holds an extra 15% stake in a
subsidiary of 3R, and would exchange it to new shares of 3R
itself after the proposed merger.