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Strategies & Market Trends : Argentine stocks
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To: Tom who wrote (264)4/11/1999 7:56:00 PM
From: EPS  Read Replies (2) of 331
 
Sunday April 11, 1:35 pm Eastern Time

Shell Argentine unit denies bid for Perez - report

BUENOS AIRES, April 11 (Reuters) - The president of Royal Dutch/Shell Group's (quote
from Yahoo! UK & Ireland: SHEL.L) Argentine subsidiary was quoted Sunday as denying Shell
had made a bid for Argentine industrial conglomerate Perez Companc .

Asked in an interview with daily La Nacion whether Shell had made a bid for Perez
Companc, Shell Argentine unit chief Jorge Brea said: ''We have never considered anything
like that. We do not comment on rumours or stories. But if you ask me, we deny it.''

Perez Companc shares rose strongly late late month on market talk that Shell would make a bid for Perez Companc. At that
time, both companies declined comment on the rumours.

Asked wheter Perez Companc could be a natural target for Shell, Brea told La Nacion: ''It has never came to my mind that
Perez Companc was for sale or divesting its upstream assets. I have never heard about that, so I don't see that as natural at all.''

Perez Companc has been divesting energy assets and oil analysts have said it was a good target for any big oil company
seeking to expand in Latin America.

The company has significant oil and gas reserves in Argentina, Bolivia, Peru and Venezuela and oil exploration interests in Brazil
and Ecuador.
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