A team with executives from Adnoc, the state oil company in Abu Dhabi, and from the American private equity fund Apollo came to Brazil to reaffirm the proposal made by the petrochemical company Braskem, which involves around US$ 7.2 billion (about R$ 35 .7 billion).
+ Petrobras receives a letter from Apollo and Adnoc about the proposal for the acquisition of Novonor at Braskem
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On the 30th, the executives leading the negotiations met with Petrobras and, on the 31st, with Novonor’s creditor banks. Novonor, formerly Odebrecht, controls Braskem, alongside Petrobras, another partner in the petrochemical company.
Novonor gave Braskem shares to a group of banks – Bradesco, Itaú Unibanco, Banco do Brasil, Santander and the National Economic and Social Development Bank (BNDES) – as guarantee for loans granted to the group.
The idea of the visit is a second step towards the acquisition, after the delivery of documents with the non-binding proposal, made in early May. The technical diligences, with a visit to Braskem, were not carried out and do not have a date set, according to people close to the negotiation. Representing Apollo is Samuel Feinstein, one of the principal partners in the fund’s private equity area.
Uncertainty
The big doubt in this deal is how the offer for Braskem will be received by the new government, which has been demonstrating its opposition to privatization and is still defining what Petrobras’ role will be. The state-owned company has preemptive rights in the acquisition of the remaining shares of Braskem, at the price offered by Novonor’s share, and could eventually acquire the petrochemical company.
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