Published on 6 Jun 2022 on Zacks via Yahoo Finance
Petrobras PBR, the Brazilian state-run oil giant, recently declared that it signed a deal to purchase the remaining 50% interest it did not own in the Italian electricity company, Ibiritermo, which is owned by Italy's Edison SpA. As a result of this, Petrobras will take full control of the firm’s power plants.
The deal, which was announced in a securities filing, is part of PBR’s efforts to take full ownership of assets in which the company only held a partial interest.
A nominal payment of 1 real (about 21 cents) will be made by Petrobras in compliance with a 2002 contract with Ibiritermo. After the closing of the contract, which is subject to regulatory approval, Petrobras will make the payment of 2.5 million reais (about $523,560) to Edison.