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Former Odebrecht (Novonor) Is Shedding Its Shares on the Braskem Stock Exchange, Where It Holds the Equivalent of R$ 19.3 Billion, Forcing Petrobras to Seek the Best Way to Sell Its Shares in the Petrochemical Company
Without a firm proposal to acquire its shares in the petrochemical Braskem, Novonor (formerly Odebrecht) presented yesterday (20), to a group of creditors, a plan aimed at offloading its shares on the petrochemical stock exchange, and if this strategy continues, the Odebrecht family will divest from its main company, which is currently in one of its best moments with the rise in the petrochemical chain, thus reducing its size even further. Furthermore, Novonor’s strategy affects Petrobras’s shares, which also holds a stake in Braskem.
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Braskem Closes Friday with Market Value Above R$ 50 Billion
The stake that Novonor holds in the petrochemical company on the stock exchange is worth R$ 19.3 billion. The company owns 38.3% of the total capital and 50.1% of the voting capital. Petrobras holds a stake of R$ 18.2 billion.
The market value of the petrochemical company closed on Friday (17) at R$ 50.5 billion. The group of creditors who participated in the presentation with the former Odebrecht is made up of financial institutions: Bradesco, Santander, Itaú Unibanco, Banco do Brasil, and the National Bank for Economic and Social Development (BNDES), which together hold Braskem shares as collateral.
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The institutions are to receive around R$ 14 billion. If it sells its entire stake at the current value, the former Odebrecht would receive R$ 5.3 billion in cash, not considering taxes. Two sources stated that Novonor intends to make a follow-up offering of shares to offload its preferred and ordinary shares. However, everything still depends on the path that Petrobras decides to take to sell its shares.
Former Odebrecht May Start Sales This Year
If the banks are eager to approve the new strategy, the group may begin selling preferred shares this year. The ordinary shares would only be sold after Braskem migrates to the Novo Mercado.
The aim is to take advantage of the window for stock exchange operations until April next year, when the presidential elections will begin. The sale of its shares began to materialize after the group did not receive firm proposals for its participation in a traditional merger and acquisition process. There are several interested parties in Braskem, but for now, regarding the purchase of some assets and not for a piecemeal sale.
The exit of Novonor depends on the approval of the five banks, which initially received the proposal well. Now it is necessary to know which path Petrobras intends to choose. Petrobras has already reaffirmed its interest in selling its position but has not stated how the process will be conducted. If the sale occurs via the stock exchange, it will coordinate any subsequent share offerings or block sales. The oil company has already hired JP Morgan to evaluate the opportunities.
Braskem May Close 2021 with Historic Numbers
In recent months, groups from the country and abroad have shown interest in buying Braskem. But there are some loose ends, as it is Petrobras that supplies naphtha to Braskem, remaining in or out of the business, as well as contracts for raw material supply in Mexico and environmental liabilities of the company in Alagoas.
There is a great chance that Braskem will close this year with historic numbers, as it is on track to reach a net revenue of R$ 100 billion per year, which is nearly double that of 2019 and 71% above 2020.
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