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Novonor, The New Odebrecht, Denies Rumor About Sale of Construction Company OEC; The Desire Is for Partners and Investors, the Company Said in a Statement
Novonor, formerly Odebrecht, which adopted the new name at the end of 2020 when it completed a major restructuring process, will put part of its main operation up for sale, something unthinkable a few years ago. Novonor denied yesterday (03) the rumor that appeared in some media outlets, stating that the company would be sold in the coming weeks, and claims that it is looking for a minority partner for its construction operation, OEC.
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OEC is the company’s main area and has never been divided with anyone before. The company’s financial situation is more complicated than one might imagine, to the point that Emílio Odebrecht gave up total control of the construction area.
The sale of this part, however, still depends on creditor approval, since Odebrecht is undergoing judicial recovery.
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The company needs to find a solution to deal with the debt that surrounds the figure of 100 billion reais. Before Lava Jato, it would have been possible to raise these resources without giving away even 50% of the company. At that time, the Odebrecht group’s construction company was considered the most valuable in Brazil, and putting even part of the business up for sale was completely unthinkable. Now, the company’s moment is completely different.
In addition to the complicated financial situation, which hinders obtaining a good proposal, the choice of a possible partner for OEC will have to be made carefully. This is because in the other companies of the group, such as Braskem and Atvos, in sugar and ethanol, Odebrecht has faced continuous setbacks due to partners being unsupportive of the holding company’s situation. The problem, however, is: which company of such unblemished reputation and supportive nature will accept the challenge?
Note from Novonor, Formerly Odebrecht, About the Sale Rumor
Novonor denied yesterday (3) that the construction company Odebrecht Engenharia e Construção is for sale. The news circulated in some media outlets. However, Novonor issued a statement denying the sale. According to the business conglomerate, the idea is to have partners or investors for specific projects, without this representing the sale of control of Novonor’s engineering and construction arm.
“Novonor clarifies that it is not selling its subsidiary OEC. It considers having partners or investors for specific projects, areas of operation, or geographies, without this meaning in any way the sale of control of the engineering and construction business. This has been the origin of the Novonor Group, and it is today one of our main pillars,” said Novonor in a statement released to the press.
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