Brazilian petrochemical giant Braskem's parent company, Novonor — formerly known as Odebrecht — received a non-binding proposal for a stake in Braskem's shares, the petrochemical firm said.
Braskem is the largest producer of thermoplastic resins in the Americas and a leader in biopolymer production. Novonor, currently undergoing a judicial recovery process, holds a 38.3pc stake in Braskem. State-controlled oil company Petrobras owns 36.1pc, while the remaining 25.6pc is held by other shareholders.
Braskem said on 23 May that Novonor received a non-binding proposal from Petroquimica Verde Fundo de Investimento em Participacoes – Multiestrategia, an investment vehicle led by businessman Nelson Tanure.
Tanure, a Brazilian entrepreneur known for acquiring and restructuring distressed companies, has been involved in high-profile investments in sectors including energy and real estate. His portfolio includes stakes in power company Light, real estate firm Gafisa and independent oil company Prio.
The proposal involves the transfer of shares issued by NSP Investimentos, a fund controlled by Tanure, which would grant his investment vehicle indirect control over Braskem. Novonor signed an exclusivity agreement to negotiate terms.
Braskem said that the transaction remains subject to evaluations, including compliance with Novonor's obligations towards Petrobras under Braskem shareholders' agreement, as well as negotiations with banks holding fiduciary liens on Braskem shares.
Braskem's sale is critical for Novonor, which intends to use any proceeds to repay R14bn ($2.47bn) in debt to creditors.
In November 2023, Abu Dhabi's Adnoc offered R10.5bn for Novonor's controlling stake in Braskem, after Novonor rejected lower bids from Unipar Carbocloro, South America's second-largest polyvinyl chloride (PVC) producer, and J&F, the holding company that controls beef giant JBS.
One challenge to a Braskem sale is the 2023 collapse of a subterranean salt mine used for its chlor-alkali operations. The disaster, along with property damage linked a mine sinking in Alagoas state's capital Maceio in 2018, has led opposition leaders in Brazil's congress to call for an investigation.
Environmental liabilities have previously affected acquisition efforts, notably in 2019 when petrochemical major LyondellBasell withdrew from negotiations over a Braskem stake.
Despite these hurdles, Braskem reported a first-quarter profit of $114mn on 12 May, recovering from a $273mn loss a year earlier and a $967mn loss in the fourth quarter of 2024.
