2022 Exhibitions
Petrobras, Novonor to sell US$1.5 bn stake in Braskem
The controlling shareholders of Brazil’s petrochemical firm Braskem SA are expected to raise about US$1.5 billion by selling shares in the firm in what is said to be one of Brazil’s largest equity offerings this year.
The offering consists of two installments, in Brazil and in the US, according to the filing. State-owned oil producer Petroleo Brasileiro SA and Novonor, the industrial conglomerate previously known as Odebrecht, filed for a secondary offering to sell as many as 155 million A preferred Braskem shares. They can raise a combined US$1.5 billion based on the stock’s recent close.
If the offering is fully sold, Petrobras and Novonor will virtually scrap all of their Braskem’s preferred stock, keeping just common shares.
Novonor, which has been struggling to recover from the Carwash corruption probe, said it will use part of the proceeds to pay debt with creditors Bradesco, Itau and Santander. For Petrobras, the sale is another breakthrough in its strategy of divesting from non-core assets to focus on the pre-salt region in Brazil.
Petrobras had earlier announced it was expecting to sell 100% of its stake by February. The oil company has a 36.1% stake in Braskem, while Novonor holds 38.3%.
(PRA)
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