This excerpt taken from the PBR 6-K filed Mar 5, 2008.
2. Merger Proposal
On this date, PETROBRASs Board of Directors voted in favor of the Merger of UPB, approving the instrument called Protocol of Merger and Justification (the Protocol), entered into by the officers of PETROBRAS and UPB on February 29, 2008.
Moreover, the Board of Directors also approved the call notice for an Extraordinary General Meeting of PETROBRAS, whose purpose will be to resolve on the following matters: (a) approval of the Merger of UPB Participações S.A.; (b) approval of the Protocol of Merger and Justification; (c) ratification of the appointment of the specialized company in order to prepare an appraisal report; and (d) approval of the relevant appraisal report.
The meetings of shareholders to evaluate the merger proposal hereby informed shall be called pursuant to the applicable legal and statutory time frames.
In order to be implemented, the Merger shall also need to be submitted to PETROBRASs Fiscal Council, at the appropriate time, in accordance with the terms of item III of article 163 of Law no. 6,404/76.