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Braskem, The Largest Petrochemical Company in the Americas, Will Be Sold by Its Controller Odebrecht and Petrobras Also Wants Out of the Business
Novonor (formerly Odebrecht) initiated new talks this week with potential buyers of its stake in Braskem, after nearly two years of halted discussions with LyondellBasell. According to Valor Econômico, the expectation is that, by the end of 2021, the company will be close to signing a formal sale agreement.
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According to Valor Econômico, the expectation is that, by the end of 2021, the controller Odebrecht will be close to signing a formal sale agreement for the petrochemical company.
At this initial stage, Odebrecht is reaching out to potential interested parties, ranging from petrochemical companies to private equity funds with experience in the sector. “This is a global target, so buyers are being sought from all regions: United States, Middle East, Europe, China, Japan, Southeast Asia,” says a source from the newspaper.
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Espírito Santo will receive the largest engineering project in its history with the duplication of BR 262, which will have 50 viaducts, 28 bridges, and 2-kilometer tunnels cutting through the most challenging mountainous region of the entire state.
Odebrecht has not yet decided whether to grant exclusivity to a single buyer in the final stretch of the process. The closing of the transaction is likely to occur in 2022.
Discussions with potential interested parties in the petrochemical company officially began on Tuesday. Yesterday, Braskem’s PNA shares rose by 6.1%, reaching R$ 44.73. By market value, Odebrecht’s stake is worth about R$ 13.2 billion and Petrobras’ stake is R$ 12.4 billion.
Odebrecht hired Morgan Stanley in August of last year to advise it on the sale of its 38.3% stake in the petrochemical’s total capital.
Petrobras, The Second Largest Shareholder of Braskem, Also Wants Out of the Business
Additionally, according to Valor, Braskem has managed to free itself from significant constraints, particularly the geological issue in Alagoas and the ethane supply issue in Mexico, which led to a loss of value for the company and a longer wait for negotiations to actually begin.
Petrobras, the second-largest shareholder, owns 36.1% and has already announced its intention to exit the business. For the time being, processes are moving in parallel – the state-owned company has been expressing a plan to sell its shares on the stock market, in a separate process. The new management, led by retired General Joaquim Silva e Luna, is in transition and has yet to comment on the matter.
With 26 Active Contracts in Brazil and Abroad, Odebrecht Hopes to Rebuild and Generate $1.1 Billion in Revenue in 2021
Odebrecht plans to bounce back and close the year 2021 with $1.1 billion in its accounts! Nearly six years after the arrest of Marcelo Odebrecht, which ruined the construction company, the group attempts to rebuild the enterprise, with new projects and a potential partner to help finance the recovery.
Currently, the construction company Odebrecht holds 26 active contracts, of which 15 are in Brazil and 11 are abroad in countries such as Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.
Additionally, the company has completed six projects in the past 12 months. The president of the contractor, Marco Siqueira, is optimistic and hopes to double the revenue this year, to US$ 1.1 billion, around R$ 6 billion.
The construction company has 131 projects amounting to R$ 17 billion, in prospects to be explored, but with low financial power, Odebrecht faces difficulties in obtaining guarantees and participating in all market bids.
“The name of the game now is to secure new contracts.” The executive acknowledges, however, that the conditions will be different. Besides the size of the construction company, there is a new reality of projects in the country: mega-projects have given way to smaller and more dispersed projects.
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