Government unravels Braskem’s purchase proposal – 05/10/2023 – Panel SA

The offer of up to R$ 37.5 billion by Adnoc, a company controlled by the government of Abu Dhabi, and the American fund Apollo for the control of Braskem entered the radar of the Planalto Palace.

Petrobras, holder of 38% of the voting shares in the petrochemical company, unravels the proposal. There is a predisposition of the government to give approval, according to advisers who follow this matter.

On an official trip to the United Arab Emirates, President Lula learned of the Abu Dhabi government’s intention to take control of Braskem.

At the time, Lula did not say yes or no, but he showed satisfaction with Adnoc’s interest.

He was also informed of the willingness of the Arabs to assume the damage caused by the sinking of the soil in a neighborhood of Maceió (AL), resulting from the exploration of rock salt in a mine of the group, which is now deactivated.

This is a political complicating factor for the advancement of the business. Novonor (formerly Odebrecht) has already been asked to provide clarifications to Congress on the proposal.

The non-binding offer was sent to Novonor, today the largest shareholder, provides for R$ 47 per share and extends this value to all shareholders. In total, the operation would move up to R$ 37.5 billion.

The Arab group, however, wants control. Today, Novonor holds just over 50% of voting shares and Petrobras, 38%.

With Diego Felix

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