Brazilian oil and gas firms Enauta and 3R Petroleum Óleo e Gás have shared the indicative timeframe for making their proposed merger official.
The companies disclosed the tentative schedule for the closing of the transaction formalizing their merger, subject to the applicable resolutions and confirmations by their boards and other measures outlined in the set of protocols and justifications for the merger .
According to the schedule, the firms have until July 30 to fulfill the requirements from the protocols, when their respective boards are set to hold a meeting to determine that these have been fulfilled. The transaction is set to officially be closed on the following day, July 31. This will also be the last trading date for shares issued by Enauta, while the trading of the new shares resulting from the merger is scheduled to start on August 1.
Finally, August 5 is foreseen as the date for registering 3R shares to the shareholders of Enauta and a third company, Maha Holding, which held interests in 3R Petroleum’s subsidiary. The incorporation of Enauta shares by 3R Petroleum and the roll-up of Maha Holding’s 15% interest was approved in late June.
After the merger was announced in April , a memorandum of understanding was signed later that month. This was followed by authorizations from the companies’ boards of directors and, most recently, Brazil’s Administrative Council for Economic Defense (CADE) .
3R Petroleum is thinking about joining forces with another compatriot player, PetroReconcavo . The two have signed an MoU on sharing natural gas infrastructure 3R owns in the Potiguar Basin, giving them 90 days to work out the details of the proposed infrastructure sharing.