Novonor, the new Odebrecht, denies rumors about the sale of construction company OEC; desire is for society 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 in some press vehicles, in which it said that the company would be sold in the coming weeks, and claims that the company is looking for a minority partner for its construction operation, OEC.

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OEC is the main area of ​​the company and has never been shared with anyone before. The company's financial situation is more complicated than one might think, to the point where Emílio Odebrecht relinquishes full control of the construction area.

The sale of that part, however, still depends on the authorization of the creditors, since Odebrecht is in judicial recovery.

The company needs to find a solution to deal with the debt that is around 100 billion reais. Before Lava Jato, it would be possible to raise these funds without giving even 50% of the company. At the time, the construction company belonging to the Odebrecht group was considered the most valuable company 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 makes it difficult to obtain a good proposal, the choice of a possible partner for the OEC will have to be done carefully. This is because in the other companies of the group, such as Braskem and Atvos, of sugar and ethanol, Odebrecht took falls in sequence due to the partners not showing any solidarity with the situation of the holding company. The problem, however, is: which company with such an unblemished reputation and such a solid nature will accept the challenge?

Note from Novonor, formerly of Odebrecht, on the sale rumor

Novonor denied, yesterday (3), that construction company Odebrecht Engenharia e Construção is for sale. The news circulated in some press vehicles. However, Novonor released a statement denying the sale. According to the business conglomerate, the idea is to have partners or investors for certain projects, without this representing the sale of control of the engineering and construction arm of Novonor.

“Novonor clarifies that it is not selling its subsidiary OEC. It considers having partners or investors for certain projects, areas of operation or geographies, without this in any way meaning the sale of control of the engineering and construction business. This was the origin of the Novonor Group, and today it is one of our main pillars”, said Novonor in a press release.