Abu Dhabi oil company, which was the favorite in the dispute, informed that it has no interest in continuing the process
A Adnoc (Abu Dhabi National Petroleum Company) withdrew from buying a controlling stake in Braskem. The Brazilian petrochemical company informed the market this Monday (May 6, 2024) that the Arab state-owned company said it had no interest in continuing with the process to acquire the stake in Novonor (old Odebrecht) at Braskem. Here’s the complete (PDF – 121 kB).
The Arab oil company emerged as the favorite in the process of selling the controlling stake in the petrochemical company, currently in the hands of Novonor. Taking a step back, in practice, means returning the sales process to square one.
A offer Adnoc’s latest was R$10.5 billion for 35.3% of shares. The transaction, however, would depend on the completion of due diligence at Braskem and the endorsement of Petrobras, which is also a shareholder in the company.
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 in the oil company’s strategic plan, although he showed sympathy for the Arabs’ offer.
The president of Petrobras, Jean Paul Prates, already declared 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.
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. The president’s government Luiz Inácio Lula da Silva (PT) it is a enthusiastic for the transaction to be made.
In the proposal made by the Abu Dhabi company, 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.
Novonor reported that it remains fully engaged in the sale process “in line with the commitment assumed with its related parties”.
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