MOSCOW (MRC) -- Officials from Latin America's biggest petrochemical company Braskem, also owner of an ethylene-polyethylene complex in Mexico and also the biggest polypropylene producer in North America with five plants in the U.S., said that Braskem's owners Novonor won’t talk with the Abu Dhabi state oil company ADNOC and the Apollo fund that made earlier in May a joint offer for Braskem, said Reuters.
Pedro Texeira de Freitas, Braskem's financial director, wrote on May 16, 2023 to the Brazilian stock authorities a letter to provide requested information around a report it said was published four days earlier in Brazilian newspaper Folha de Sao Paulo titled: “Braskem controllers disapprove offer from arabs.”
“The offer made by the fund Apollo and the state Adnoc (Abu Dhabi National Oil Company) did not go through the examination of Novonor (formerly Odebrech) and neither from the top officials from Petrobras,” a letter from the company management to Brazilian stock authorities said.
Braskem's institutional investors director Pedro van Langendonck Teixeira de Freitas said that the offer made of 47 Brazilian reais (about $9.40) per share would not represent that amount paid to shareholders that in reality may only receive just about 20 reais per share.
“It is for that that the two main shareholders Novonor (with little more than 50%) and Petrobras (38%) do not want to sit at the negotiation table,” the letter stated.
“Novonor up to this moment has not received any proposal from potentially interested parties that would imply material binding evolution in discussions being held with banks” that hold claims to stakes, the letter said.
Braskem's Teixeira de Freitas said that Braskem?s management had contacted Novonor to ask for information related to any sale decision, and that it received a written reply where the majority owner stated its intention to abstain from talks.
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