Arab state-owned company offers up to R$ 37.5 billion for Braskem – 05/05/2023 – Panel SA

State-owned Adnoc, controlled by the government of Abu Dhabi, in the United Arab Emirates, is preparing an offer to buy control of Braskem, a petrochemical company belonging to Novonor (formerly Odebrecht) for up to R$ 37.5 billion.

The operation will be carried out in partnership with the American fund Apollo and presented to representatives of the company’s main creditor banks —Santander, Banco do Brasil, BNDES, Bradesco and Safra— this Friday (5).

In the conversation, it was defined that the company will exercise control and, for that, it wants to pay a premium of 135% on the value of the shares – this would result in BRL 47 per share.

The banks would receive part of the R$14 billion debt in cash and the difference would be converted into debt with the new company.

The price of R$47 per share will be extended to all the company’s shareholders today, including investment funds with minority participation.

It is part of Adnoc’s proposal to take on the problem caused by Braskem in Alagoas, where the subsidence of the soil occurred in Maceió —something associated with the company’s extraction of rock salt from a mine that is currently deactivated.

With Diego Felix

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