Petrobras is not interested in turning Braskem SA into a government-owned firm and top management signaled it would make sense for the petrochemicals producer to have a strategic partner, according to people familiar with the matter.
(Bloomberg) — Petrobras is not interested in turning Braskem SA into a government-owned firm and top management signaled it would make sense for the petrochemicals producer to have a strategic partner, according to people familiar with the matter.
Braskem shares jumped as much as 9.8% to 25.7 reais ($5.26) in Sao Paulo. The news was first reported by Valor Economico.
In a private call with analysts Thursday, Petrobras Chief Executive Officer Sergio Caetano Leite said Brazil’s state-controlled oil company considers petrochemicals a strategic business as the transition to green energy could make gasoline less profitable. “All the large integrated companies have a relevant petrochemicals division,” he said Friday during an earnings call.
Petroleo Brasileiro SA, as it is formally known, is Braskem’s second-biggest shareholder. It has tag-along rights and rights of first refusal for the controlling stake in Braskem, which engineering conglomerate Novonor SA is under pressure to sell.
Petrobras officials said they will wait for Novonor’s decision before making any moves, according to the people. Petrobras said in an email it is still assessing the best strategy for the petrochemicals sector and for Braskem.
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Since May, Novonor has received non-binding offers for Braskem from Unipar Carbocloro SA, J&F Investimentos SA, and a third from Abu Dhabi National Oil Co. and Apollo Global Management. Petrobras doesn’t see any of the offers advancing and plans to keep at least its current stake in the company, the person said.
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