Petrobras seeks Braskem data for possible exercise of preference in the purchase of shares – 07/10/2023 – Market

Petrobras informed this Monday (10) that it requested access to Braskem’s virtual data room for the due diligence process aiming at the possible exercise of “tag along” or preemptive rights in the event of sale of shares held by Novonor in the petrochemical company.

“It is worth noting that there was no decision by the Executive Board or the Board of Directors in relation to the process of divestment or increase in participation in Braskem, this being just a necessary step regarding the tag along and preemptive rights provided for in the Shareholders’ Agreement “, highlighted Petrobras, which is a partner of Novonor at Braskem.

Petrobras’ move comes after Novonor, Braskem’s controlling shareholder, informed last week that it had sent a letter to Unipar inviting it to initiate the due diligence process, with a view to receiving a final binding offer for its stake in the petrochemical company.

Last month, Unipar, one of the main producers of chlorine and soda in South America, made a non-binding proposal for the acquisition of control of Braskem, at R$ 36.50 per share.

In addition to Unipar, asset manager Apollo and UAE oil group Adnoc made a joint bid for control of Braskem.

Novonor, formerly Odebrecht, one of Braskem’s main shareholders, has long sought to sell its controlling interest in the petrochemical company as part of a broader restructuring.