Brazilian group beats Arab and offers 40% more for Braskem – 06/12/2023 – Panel SA

Unipar, owned by businessman Frank Abubakir, assesses that its proposed purchase of control of the petrochemical company Braskem will be accepted by Novonor (formerly Odebrecht) and Petrobras. Both are shareholders and hold 74% of the company’s total capital.

Internal company data show that the offer —at BRL 35 per share— is 40% higher than the offer presented by Adnoc, a state-owned company in the United Arab Emirates, and the Apollo fund.

The numbers already consider the possible discounts of creditor banks —Santander, BB, BNDES and Bradesco.

In the past, to recover from the impacts of Lava Jato, Odebrecht pledged its Braskem shares in bank loans totaling R$14 billion.

Under the agreement, the banks must discount this amount, receive part in cash and part in company shares, which, in this scenario, would be controlled by Unipar.

The company will also seek financing from the same creditor banks as Novonor – which, according to reports, makes the business attractive to these institutions.

Unipar’s proposal just doesn’t take into account the compensation to be paid to the state of Alagoas for the subsidence of the ground in a neighborhood of the capital Maceió, the result of an ore exploration by the company.

Still according to the negotiators, today the state government claims the same amount to be paid to the city hall for the damage caused. This should cost BRL 2 billion, double what was initially agreed.

Unipar has no debts. Its net revenue was BRL 7.3 billion in 2022, and net income of BRL 1.3 billion.

With Diego Felix

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