Braskem announced on Friday that the exclusive period for negotiating the sale of company control to Nelson Tanure has expired.
Until Thursday, there was complete silence regarding any potential proposal. There were no signs of the entrepreneur making a binding offer or extending the agreement.
Sources informed by InvestNews suggest that uncertainties regarding the outcome of the crisis resulting from the environmental disaster in Maceió have dampened Tanure’s enthusiasm to proceed with the discussions. Additionally, Tanure was in talks to acquire Novonor’s stake (formerly Odebrecht, holding 50.1% of the company’s voting shares), but lacks support from creditor banks such as Santander, Itaú, Bradesco, Banco do Brasil, and BNDES, as well as from Petrobras’s board, which holds 47% of the petrochemicals and, thus, possesses veto power over business decisions.
The uncertainty surrounding the sale of Braskem is also hindering progress in talks for the sale of petrochemical assets, as per sources cited by InvestNews. Rumors surfaced last week that Unipar was considering acquiring Braskem’s petrochemical business in the United States. However, individuals familiar with Braskem believe that selling assets before resolving control issues would be illogical.
Still have the IG4
The IG4, led by businessman Paulo Mattos, is seen as the top contender to take over Braskem due to strong support from creditor banks. Their proposal includes giving Petrobras a more hands-on role in managing the petrochemicals.
Braskem’s financial situation worsens due to various factors, including the costs of an environmental disaster in Maceió and a downturn in the petrochemical sector. The uncertainty created by these issues consumes much of the company’s resources in dealing with these challenges.
Moody’s Ratings and Fitch Ratings recently downgraded the credit rating of the Brazilian company due to ongoing cash depletion and rising debt levels. Braskem burned through R$1.45 billion in cash in just the second quarter.
The company’s dollar bonds saw a significant increase in earnings by 2030, reaching a record of 15.7% this week, which is higher than the 9% recorded just three months ago.
