Arab company is the favorite in the process of selling the controlling stake in the petrochemical company to Novonor
The president of Petrobras, Jean Paul Pratesmet this Thursday (15.Feb.2024) with the CEO of Adnoc (Abu Dhabi National Oil Company) and UAE Minister of Industry and Technology, Sultan al Jaber. Among the topics discussed is the process of selling the controlling interest in Braskem.
The Arab state-owned oil company is seen as the favorite to buy the stake in Novonor (formerly Odebrecht) in petrochemicals. A current offer of the group (not yet binding) is R$10.5 billion for 35.3% of the shares. The transaction, however, depends on the approval of Petrobras, which is also a shareholder in Braskem.
Prates stated that the meeting dealt with the processes of “due diligence” (prior analysis) that the two companies are conducting on Braskem to support eventual decisions. The executives also discussed negotiations starting in 2023 regarding opportunities in the petrochemical, refining, offshore gas and fuel markets areas.
Under Braskem's shareholder agreement, Petrobras – which holds 36.1% of the company's total capital – has the right of preference in any transaction that changes share control. The possibility of acquisition It's inserted at the strategic level of the state-owned company, although it showed sympathy for the Arabs' offer.
The president's government Luiz Inácio Lula da Silva (PT) has stimulatedsince last year, the transaction that would save Novonor and allow Petrobras to play more in the petrochemical sector.
Prates has already stated that Adnoc would be an interesting partner for the business as it is an integrated oil company, that is, it operates from extraction to the manufacturing and marketing of products.
“We are following this process, as we are part of the company. We have the right of preference when purchasing, to cover any proposal. If we do not want to cover and think that the new partner is good from a strategic, financial and operational point of view, we will then move on and the company will be left with 2 large partners”said Prates on October 2.
Adnoc's proposal envisages working in partnership with Petrobras in the business, which pleases the state-owned company and the Brazilian government, and also maintains Odebrecht's 3% stake in Braskem. Novonor is rushing to sell its stake in order to pay off debts of R$15 billion with 5 creditor banks. In judicial recovery, the deal is seen as the silver bullet to save the company.
According to the Abu Dhabi company's proposal, each Braskem share would cost R$37.29. Two other purchase offers were made by Brazilian companies Unipar It is J&Fwho proposed purchasing each share for R$36.50 and R$32.78, respectively.
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