This excerpt taken from the PBR 6-K filed Sep 30, 2005.
Option for Petroquisa to increase its ownership interest in the Share Capital of Braskem
(Rio de Janeiro, September 30, 2005). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces as was previously disclosed to the market, on April 29, 2005, Odebrecht, Norquisa, ODBPAR and Petroquisa entered into a Second Amendment to the Memorandum of Understanding regarding Shareholders Agreement, with Braskem and Petrobras as intervening parties (the Second Amendment), pursuant to which Petroquisa was granted an option (the Option) to increase its ownership interest in the voting share capital of Braskem to up to 30% through a subscription for newly issued common shares of Braskem (the Option Shares).
On the date hereof, prior to the expiration of the deadline set forth in the Second Amendment, Petroquisa designated the following assets to be subject to an appraisal process as consideration for the issuance of the Option Shares, if Petrobras elects to exercises the Option:
Odebrecht has accepted the designation of these assets by Petroquisa, as contemplated in the Second Amendment.
The parties have also agreed to extend the final deadline for the exercise of the Option from December 31, 2005 to March 31, 2006. The other provisions of the Second Amendment will remain unchanged, as described in the Relevant Fact dated April 29, 2005.
Petróleo Brasileiro S.A PETROBRAS
Investor Relations Department
Raul Adalberto de Campos Executive Manager
Av. República do Chile, 65 - 4th floor
20031-912 Rio de Janeiro, RJ
(55-21) 3224-1510 / 9947
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.