Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

Written by Flavia Marinho

Published on 29/12/2020 at 10:07

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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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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.

Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

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

Read Also

Recently, Odebrecht Lost Control of Atvos in Court, One of the Largest Ethanol Producers in Brazil

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Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

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

Read Also

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In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

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