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In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. Petrobras had already stated that it would sell its participation in the company
Petrobras informed last night that it has initiated an arbitration request with a compensation claim against Odebrecht, estimated at approximately 800 million reais. Petrobras’ gas assets and power generation plants are part of Eneva’s investment plans for 2021
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According to the market report, Petrobras claims violation of the terms of the shareholders’ agreement regarding Braskem. The petrochemical company Braskem is not part of said arbitration, which is protected by confidentiality, the statement explained.
In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. The news came through a document sent to the Securities and Exchange Commission (CVM).
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Braskem stated in its announcement that “ODB [Odebrecht] has initiated preparatory acts to structure a process for the private sale of up to the totality of its stake in the Company, by adopting the necessary measures to organize a process of this nature, with the support of legal and financial advisors.”
In addition to Odebrecht, Petrobras had already stated that it would sell its stake in the company. With the sale of its shares, Odebrecht aims to recover its business in the judicial arena. The company’s current debts amount to around R$99 billion.
Odebrecht holds 38.3% of Braskem, with 50.1% of the voting shares, while Petrobras has a total participation of 36.1%, with 47% of the voting shares, according to information from the petrochemical company’s website.
Recently, Odebrecht Lost Control of Atvos in Court, One of the Largest Ethanol Producers in Brazil
After a judicial battle, the court granted approval to Lone Star and Castlelake funds to take control of Atvos, one of the largest ethanol producers in Brazil. Atvos was under judicial recovery.
On November 26, the São Paulo Court of Justice (TJ-SP) made a favorable decision to the American fund, guaranteeing the transfer of shares acquired by Lone Star, which, according to the fund, will give the right to control of the sugar-energy company Atvos, belonging to the Odebrecht group.
The denied appeal guarantees the validity of the sale of shares to Natixis bank for US$ 5 million. Thus, Odebrecht must deliver the corporate records so that the transfer of shares can be registered and the fund can definitively assume control of Atvos.
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