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Petroleo Brasileiro Petrobras SA : Disposal of common shares held by Petrobras in Brasil PCH S.A.

06/14/2013 | 07:45pm US/Eastern

Disposal of common shares held by Petrobras in Brasil PCH S.A.

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Rio de Janeiro, June 14, 2013 - Petróleo Brasileiro S.A. - Petrobras announces it has signed with Cemig Geração e Transmissão S.A. ("Cemig GT") a stock purchase agreement for Petrobras' ownership interest in Brasil PCH S.A. ("Brasil PCH"), equivalent to 49% of the voting stock, in the total amount of R$ 650 million, to be adjusted in the stock purchase agreement ("CCVA").

Brasil PCH is currently one of Brazil's main independent electricity generating companies from renewable sources. The company's portfolio includes 13 operational small hydroelectric plants ("PCHs") with a total installed capacity of 291 MW. The PCHs are located in the states of Espírito Santo (4), Goiás (3), Minas Gerais (3) and Rio de Janeiro (3).

In meetings held on this date, the Boards of Directors of Petrobras and CEMIG approved the transaction, which is part of Petrobras' Divestment Program.

Completion of the transaction is subject to approval by the Brazilian Antitrust Authority ("CADE") and approval by the Brazilian Electricity Regulatory Agency ("ANEEL"), among other conditions precedent.

Common shareholders of Brasil PCH may exercise their right of first refusal or tag along right within 45 days.

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