3R’s receptivity to Enauta’s merger proposal and the speed of the oil company’s new board to place the issue as a management priority make the companies estimate an announcement of the transaction within a week, Pipeline found. It would be a flash deal worth more than R$15 billion.
The exclusivity period for conversations is 30 days, but the proposal mentions seven days for the first signature, the sources said.
Despite a negative reaction from Enauta’s minority shareholders regarding the composition of the resulting company, those involved do not expect a change in terms. “3R is bigger than Enauta. The merit of this transaction is to create a giant company with more than 100 thousand barrels of oil per day”, says an executive who participates in the conversations.
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Enauta presented a synergy account of US$1.5 billion. Pipeline found that 3R’s bill is a little lower than that, closer to what was calculated with PetroReconcavo, around US$1.1 billion, but with different origins. In the case of PetroReconcavo they were more operational – “plug and play” as they initially discussed – while with 3R they would be mainly financial and fiscal, the sources said.
