Braskem is considering selling some of its factories to address its financial crisis, but the main asset up for sale at negotiation tables is the company itself. It is unlikely that any deal will be finalized before resolving the key issue of determining the new petrochemical controller.
Information was recently made public regarding a potential sale of operations in the United States to competitor Unipar for around $1 billion. The talks would involve leveraging Braskem, which is currently working to decrease its debt and enhance its cash flow.
Unipar formally requested access to the financial information of the petrochemical assets in the United States after being approached by Braskem. Unipar has long desired to establish a productive unit in the United States, but not at any cost.
The discussions between Braskem and Unipar have not progressed yet and are unlikely to do so until the corporate issue is resolved, according to those involved.
Today, there are two contenders vying to acquire Braskem: businessman Nelson Tanure, backed by Novonor (previously Odebrecht), and the IG4 manager, favored by the credit banks associated with the Odebrecht family.
Tanure is currently leading in the country by submitting a purchase proposal that secures exclusivity until the next day 21 for the negotiation, and is already conducting the necessary due diligence and geological analysis of the company’s areas.
The entrepreneur mentioned in an interview with Reuters that resolving the environmental disaster case in Alagoas is a non-negotiable requirement for his future offer. It is uncertain if the entrepreneur possesses the resources needed to make a firm offer in the petrochemical sector.
IG4 becomes stronger.
The IG4, led by entrepreneur Paulo Mattos, is currently seen as the top contender. The plan, developed in collaboration with major banks like Itaú, Bradesco, Banco do Brasil, Santander, and BNDES, involves debt restructuring, capital infusion, and Braskem’s move to the B3 New Market. Additionally, there will be enhanced governance measures and increased involvement of Petrobras in executive decisions.
@investnewsbr A Braskem, maior petroquímica do Brasil, está perto de encontrar um novo controlador: o empresário baiano Nelson Tanure, bem conhecido no mercado financeiro. #braskem #tanure #novonor
Braskem, Brazil’s top petrochemical company, is nearing the appointment of a new controller: Bahian businessman Nelson Tanure, a prominent figure in the financial industry. #braskem #tanure #novonor
InvestNews BR provided the original sound.
The goal is not just to address the debt, but also to create value through new governance and refocus the company in key areas, according to InvestNews, a source familiar with the matter. Another element of the plan is for Petrobras to increase its involvement in the management of petrochemicals by becoming the primary shareholder of Braskem.
InvestNews reported recently that the IG4 group has been holding meetings with credit institutions. The directors of BNDES met with the manager last week to discuss Tanure’s exclusivity.
Experts who closely monitor the situation view Braskem’s early sale of assets as an effort to speed up a lengthy and costly sales process. While this move could provide immediate cash and reduce costs for a potential buyer, the unexpected timing of the announcement, coinciding with Braskem’s worst quarterly financial results, backfired.
Braskem CEO Roberto Ramos initially refuted claims of selling assets but later confirmed discussions with Unipar for potential asset sales. Petrobras President Magda Chambriard later expressed discomfort at learning about the negotiations through unofficial sources.
Braskem’s performance has declined by 53.23% over the last year.
