Buyout offer made for Braskem by Brazilian businessman
With a focus on expanding his investment portfolio, Brazilian businessman Nelson Tanure has made an offer to acquire a controlling stake in Latin America’s leading petrochemical company Braskem, according to a securities filing.
The tycoon is looking to acquire conglomerate Novonor's stake in Braskem for an undisclosed sum, according to the filing released by the petrochemical firm, which cited a letter it received from Novonor.
Both parties have agreed that they will only hold exclusive discussions about a potential deal.
State-owned oil company Petrobras, which is also a major shareholder in Braskem, has been looking to sell its stake for many years. Earlier this year, Petrobras CEO Jean Paul Prates had said he would like to see Braskem take on a new investor to replace Novonor, its troubled controlling shareholder.
It has failed to reach a successful agreement despite numerous talks with companies such as Abu Dhabi National Oil Company (Adnoc), LyondellBasell and Unipar Carbocloro.
Petrobras has the right to evaluate the deal as it is the preferential buyer of the Braskem stake if it were to be sold. Novonor creditors would also have to approve the deal as the stake was pledged as collateral.
Tanure stated that Braskem would not have a promising future without a joint, constructive, and lasting partnership with Petrobras. Tanure suggested partnering the two companies for the use natural gas from Brazil’s pre-salt, in the state of Rio de Janeiro.
Tanure has also promised to find a solution to the 2018 Maceio disaster, in which officials claim Braskem’s salt mines caused the ground to destabilise, cracking houses and forcing thousands of residents out of their homes.
Tanure is known to invest in companies that are undergoing restructuring. He is a major investor in Rio de Janeiro’s energy distributor Light, oil producers Prio, and homebuilders Gafisa.
Odebrecht was synonymous with corruption in Brazil in the 2010s due to its involvement in the Car Wash corruption probe. In 2020, it changed its name from Odebrecht to Novonor to try to erase that past after a "five-year transformation", according to a Reuters report.
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