Deals
Conosur Jumps 531% as Venezuela’s PDVSA Said to Exit Argentina
- PDVSA reportedly in final talks to sell stake to GMM Group
- Conosur’s debt exceeded equity value in first quarter
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Petroleos de Venezuela SA is in advanced talks to sell its 95 percent stake in Argentine fuel distributor Petrolera del Conosur SA to GMM Group SA, according to a person with knowledge of the situation.
Conosur shares jumped 5.6 percent to a record 7.02 pesos at the opening of trading in Buenos Aires on Tuesday. The shares are up more than fourfold since May 23, when Conosur said in a filing that it had received a management offer for PDVSA’s stake with an option to buy. Conosur’s market value is 667.5 million pesos ($44 million).