By Jeffrey T. Lewis
SÃO PAULO — Petrobras, the state-controlled oil company, announced on Monday evening that it has formally requested access to Braskem’s due diligence information. This request comes as Braskem’s controlling shareholder, Novonor, engages in talks to sell its stake in the chemical company.
Petrobras clarified that it has not made any decisions regarding the sale process for Braskem. The company is simply exercising its rights to access the pertinent information during this crucial phase.
Currently, Novonor, previously known as Odebrecht, holds a 38% ownership interest in Braskem, which accounts for 50.1% of voting shares. Negotiations are underway between Novonor and its creditor banks to sell a significant portion of this stake to Unipar Carbocloro, another major Brazilian chemical firm. In a recent announcement, Braskem revealed that Novonor has agreed to initiate the due diligence process with the potential buyer.
With a 36% ownership stake in Braskem and 47% of its voting shares, Petrobras holds a “right of first refusal” in the event that Novonor decides to sell its stake to a third party.