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The Petrochemical Company Braskem Has Been Shaking Up the Sector in Recent Days with Companies Like J&F, Unipar, Apollo, and Adnoc Offering High Values Aiming to Acquire Novonor’s Stake.
J&F, the holding of the Batista family, surprised the market by presenting an offer of R$ 10 billion to acquire Novonor’s stake in Braskem, according to information obtained from Pipeline, by Valor. This proposal was recently submitted to Novonor’s creditor banks, as the shares of the petrochemical company are used as collateral for a debt previously incurred by the former Odebrecht with financial institutions.
The Batista Family’s Proposal Pleases Novonor’s Creditor Banks
The amount proposed by the Batista family for Braskem is the same as that offered by Unipar; however, it is more appealing to the banks because it does not reserve any share for the Odebrecht family.
In Unipar’s proposal, Novonor would remain a shareholder; however, with a reduced stake of 4%.
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However, J&F’s offer would not be sufficient to settle Novonor’s debt with the banks, which could reach R$ 15 billion.
American Manager Apollo and Adnoc Also Make an Offer for Braskem
On the other hand, American manager Apollo and Adnoc have also entered the bidding for Braskem, offering R$ 47 per share.
This proposal consists of a payment of R$ 20 in cash, R$ 20 through the issuance of perpetual debt securities at a rate of 4% per year, and R$ 7.14 in warrants, which are contracts that grant the right to purchase shares.
Initially, Apollo and Adnoc’s proposal was to acquire full control of Braskem, but they would be willing to become partners with Petrobras, which holds 36.1% of the asset, considering that Novonor owns 38.3%.
The bidding for Braskem, one of the largest petrochemical companies in the country, is becoming increasingly fierce, with different groups presenting proposals.
The entry of J&F, with its offer of R$ 10 billion, has brought a new dynamic to the negotiation, pleasing Novonor’s creditor banks.
Apollo and Adnoc’s proposal, in turn, offers a higher value per share but involves different forms of payment and the possibility of partnering with Petrobras.
The definition of Braskem’s future will depend on negotiations among the involved parties, as well as analyses and approvals from financial institutions and regulatory bodies.
The developments in this process will be closely monitored by investors and the market, as Braskem is a company of great relevance in the petrochemical sector, and its decisions impact the entire segment.
