RE:ptaolrigo,
The announcement of the Petronova shareholders meeting to vote on the merger with Petroamerica and the confirmation of a share consolidation following the merger if it happens is not really news. It merely confirms what we already knew. It will be interesting to see how the Petronova shareholders vote on this merger. I would assume they will vote yes even though it is not a great windfall. The company is on life support and without cash they have no hope under the present situation.
The market is not excited about this merger as reflected in the current share prices of both companies. It also doesn't help that this merger is being completed as the energy sector has been sliding downward for the past 2 months and threatens to re-test the lows reached earlier in the year.