Novonor denies having received an offer for Braskem – 05/05/2023 – Market

Braskem’s shares soared more than 40% this Friday (5), renewing highs for the year, after news that the oil company Adnoc, from the United Arab Emirates, would be joining the manager Apollo to make an offer for the Brazilian petrochemicals .

After questioning Braskem, however, Novonor, formerly Odebrecht, said it had not received any proposal from potential interested parties in its controlling stake in Brazil’s largest petrochemical company.

“Novonor informs that, since our last manifestations and until the present moment, it has not received any proposal from potential interested parties that implies material or binding evolution in the discussions with the five banks that hold the fiduciary sale of its indirect stake in Braskem.”

Braskem’s shares had already slowed down gains before the statement released by the petrochemical company and little changed after the announcement, closing the day up 23.62%, at R$23.76. At the maximum, they reached R$ 27.2, a jump of 41.5%.

The Ibovespa closed on Friday (5) with an increase of 2.91%.

According to the column Panel SA, from the Sheetthe operation would be worth up to R$ 37.5 billion and will be presented to representatives of the company’s main creditor banks —Santander, Banco do Brasil, BNDES, Bradesco and Safra— this Friday.

It was decided 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 R$ 47 per share.

According to analyst Luis Novaes, from Terra Investimentos, uncertainty over Braskem’s shareholding control and its indebtedness have become factors of great pressure for the asset on the stock exchange in recent years, in addition to its poor operating performance.

“Therefore, as on past occasions, speculation about a takeover bid is likely to explain the stock’s momentum,” he said.

Novaes added that the value at which the proposal should come out, according to speculation, is much higher than Braskem’s market value and would serve to significantly reduce Novonor’s leverage and these two factors amplify the upward movement.

“The proposal with the participation of a major oil company in the world can also be seen as positive. Due to these recent pressures from Braskem, there was a reversal of the upward movement after the proposal was not confirmed, thus, it is risky to rely only on the speculations.”

Braskem also releases its balance sheet for the first quarter on Monday, after market close.

Novonor has 50.1% of Braskem’s voting capital and Petrobras another 47%. Last month, the president of Petrobras, Jean Paul Prates, told Bloomberg that the state company could expand its stake in Braskem. Days later, Petrobras said that there were no changes in its plan to sell its stake in Braskem.

Last month, the president of Petrobras, Jean Paul Prates, told Bloomberg that the state company could expand its stake in Braskem. Days later, Petrobras said there had been no changes to its plan to sell its stake in Braskem.