J&F Presents Offer of R$ 10 Billion to Acquire Novonor's Stake in Braskem, One of the Largest Petrochemical Companies in the Country

J&F Presents Offer of R$ 10 Billion to Acquire Novonor’s Stake in Braskem, One of the Largest Petrochemical Companies in the Country

Written by Ruth Rodrigues

Published on 13/07/2023 at 09:59

Fonte: Seu dinheiro

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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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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.

J&F Presents Offer of R$ 10 Billion to Acquire Novonor’s Stake in Braskem, One of the Largest Petrochemical Companies in the Country

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.

The Batista Family’s Proposal Pleases Novonor’s Creditor Banks

American Manager Apollo and Adnoc Also Make an Offer for Braskem

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J&F Presents Offer of R$ 10 Billion to Acquire Novonor’s Stake in Braskem, One of the Largest Petrochemical Companies in the Country

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.

The Batista Family’s Proposal Pleases Novonor’s Creditor Banks

American Manager Apollo and Adnoc Also Make an Offer for Braskem

Mother and daughter build a 70 m² house with more than 8,000 discarded glass bottles and impress with their creativity; known as the Casa de Sal, the property is located on Itamaracá Island, in Pernambuco.

Workers were opening a new road connection near the Marginal Tietê when they found, in the underground of the construction site, remnants of locomotives, wagons, and boilers from the 19th century linked to the forgotten history of Lapa.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

China transforms desert-devastated area into the world’s largest artificial forest, planting trees for 60 years, blocking sand that reached Beijing, and creating a “green lung” of 92,000 hectares in a region once considered lost.

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