Unipar will not renew proposal by Braskem – 06/29/2023 – Panel SA

The proposed purchase of Braskem by Unipar expires in ten days and should not be redone, according to people who participated in the negotiations.

The Odebrecht family, owner of Novonor, a company that owns 50.1% of Braskem shares, wants to continue in the business as a minority and, therefore, is against the other offer, made by the Arab state-owned Adnoc and the Apollo fund —which they intend to acquire the whole company.

Unipar accepts to have Novonor as a partner, with up to 4% of participation.

The problem is that Braskem’s shares were pledged by Novonor to the creditor banks, which have the final word on the future control of the petrochemical industry.

Today Braskem owes around R$15 billion to Bradesco, Itaú, BB, BNDES and Santander.

Also according to reports, Itaú is the most resistant to agreeing with the Odebrechts’ intention to continue as partners in Braskem.

On the other hand, Novonor wants to resolve the impasse to remove the weight of a billionaire debt from its balance sheet. They want, with this operation, to resolve the judicial recovery process.

When consulted, the companies declined to comment.

With Diego Felix

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