Unipar makes proposal to buy control of Braskem – 06/11/2023 – Market

Unipar Carbocloro made a non-binding proposal to Novonor for the indirect acquisition of Braskem’s shareholding control, according to a material fact disclosed on Saturday night.

The operation provides for the partial payment of creditor banks and a renegotiation of the remaining debt balance of the petrochemical company, which today has Novonor and Petrobras as the main shareholders.

In addition, the proposal presented by the chemical and petrochemical company also includes the possibility of Novonor continuing with an indirect minority stake in Braskem.

Pursuant to the proposal, Unipar will make a public offer for the acquisition of shares (OPA) for minority shareholders of Braskem who hold common shares and class A and class B preferred shares, as well as a “tender offer” for the acquisition of up to the totality of class A preferred shares represented by ADRs and listed on the NYSE (the New York Stock Exchange). Both offers will follow the same conditions closed with Novonor.

Unipar also said that it will negotiate Petrobras’ participation in the operation “at the right time”, seeking a satisfactory format for all parties involved.

“Our proposal provides for a balance between the interests and needs of Novonor, Petrobras, minority shareholders and creditor banks of Braskem”, said Bruno Uchino, chairman of the Board of Unipar, in a press release.