Brazil's J&F prepares bid for Braskem majority stake, paper says

Midcap Financial Investment

10/04/2022 17:41

SAO PAULO, April 10 (Reuters) - Holding company J&F
Investimentos has prepared an offer to purchase a controlling
stake in Brazilian petrochemical firm Braskem SA  BRKM5.SA ,
newspaper O Globo reported on Sunday.
    The newspaper, which did not say how it obtained its
information, did not specify the stage of any potential
negotiations, saying only that the offer "had been discussed,
but still not formalized."
    Under the terms of the offer, J&F would acquire the 36%
stake held in Braskem by state-run oil company Petrobras and the
roughly 38% stake held by industrial conglomerate Novonor,
formerly known as Odebrecht, the paper said.
    J&F declined to comment on the article. Neither Novonor nor
Petrobras, formally Petroleo Brasileiro SA  PETR4.SA ,
immediately responded to a request for comment.
    Novonor's stake in Braskem is pledged as collateral to
creditors. Novonor cannot sell its stake without the approval of
creditor banks.
    Brazilian newspaper Valor Economico on Thursday reported
that U.S.-based asset management firm Apollo Capital had made a
non-binding offer for Novonor's stake in Braskem at 44.57 reais 
($9.49) per share, or about $2.9 billion.  urn:newsml:reuters.com:*:nL2N2W50U6
    ($1 = 4.70 reais)
    

 (Reporting by Alberto Alerigi Jr. and Tatiana Bautzer in Sao
Paulo and Gram Slattery in Rio de Janeiro; Editing by Mark
Porter)
 ((gram.slattery@thomsonreuters.com; +55-11-95057-1453))