Petrobras and Novonor kick-started the sale of their stakes in Braskem. In this first public offering, for which the companies filed this Friday an application for registration with the Brazilian capital market (CVM) and the United States (SEC) regulatory bodies, up to 154.9 million preferred shares of the series will be sold. A. At the closing price of the shares on Thursday’s B3 trading session, the operation would move just over R$8 billion.
The two partners will maintain control of the petrochemical company at this first moment. According to the preliminary prospectus of the subsequent offer published on the website of the Securities and Exchange Commission this Saturday, there will also be no additional or supplementary lot placement. A ‘shelf registration’ has been requested from the SEC, which expedites further offerings ahead, simply by publishing an additional prospectus with up-to-date information about the company.
“When you sell on the market, I think it’s logical to do some tests. We are in the middle of a pandemic, in a cycle of high oil prices”, said João Luiz Zuñeda, partner at Maxiquim, a consultancy specializing in the chemical sector. “I think it was a very smart way to do it, in tranches, to be able to pilot the sale and see what the real value of the share is.”
The price of the shares in this offer will be determined after a round of presentation to institutional investors. Of the total offered, 75.7 million shares belong to Petrobras and 79.2 million to NSP Investimentos, the holding company of Novonor, ex-Odebrecht, in the process of judicial recovery.
For Zuñeda, the fact that the coordinating banks have agreed to carry out the operation even with one of the sellers under this condition is one of the positive signs emitted in the announcement. The lead coordinator for the global offering is Morgan Stanley Bank. They also operate in the JPMorgan, Bradesco BBI, BTG Pactual, Citi, Itaú BBA, Santander and UBS BB operations.
But the most encouraging news, according to the specialist, was the speed with which this first operation was started. “The two majority partners and Braskem’s own team resolved this in January. Some thought it would happen in February. For this to happen quickly, the partners have to be thinking together. In the past this did not happen. So all the forces are coming together, pushing forward.”
Of the global offering, to be held simultaneously on B3 and on the New York Stock Exchange, only 10% will be made available to retail, two of which 90% with lock-up of 45 days. Only 1% of the global offer will be offered to retail without any trade lock.
A predictable distribution, in Zuñeda’s opinion. He recalls that in the future the company will migrate its capital to the Novo Mercado, which will involve the conversion of these preferred shares into common shares, the only class admitted in that trading environment. Therefore, it is necessary to let the market settle gradually, until it becomes clearer who will form the new controlling block of Braskem, when Petrobras and Novonor finally get rid of their stakes.
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