Apollo Capital makes non-binding offer for stake in Brazil's Braskem -report

Midcap Financial Investment

07/04/2022 12:36

SAO PAULO, April 7 (Reuters) - U.S.-based asset management
firm Apollo Capital has made a non-binding offer to acquire the
stake owned by Brazilian conglomerate Novonor in petrochemical
company Braskem SA  BRKM5.SA , Brazil's newspaper Valor
Economico reported on Thursday.
    Apollo offered 44.57 reais per share for Novonor's total
38.8% stake in Braskem, the report said, citing three sources
familiar with the matter. Novonor, formerly known as Odebrecht,
could raise 13.6 billion reais ($2.88 billion) with the deal.
    Novonor's stake in Braskem, however, is pledged as
collateral to its creditors, as Reuters has previously reported,
so the conglomerate may not decide on the sale without
consultations with the banks.
 urn:newsml:newsroom:20160720:nNRA29yqch:0 
    Shares in Braskem closed at 42.53 reais on Wednesday.
    Novonor, Apollo Capital and Braskem, which also has
state-run oil company Petrobras  PETR4.SA  as a major
shareholder, did not immediately respond to requests for
comment.

($1 = 4.7161 reais)

 (Reporting by Gabriel Araujo; editing by David Evans)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))