Sector News

Brazilian government blocks Petrobras's sale of Braskem stake

October 23, 2017
Chemical Value Chain

Petrobras’s (Rio de Janeiro) minority stakes in Braskem and Deten Quimica have been excluded from Petrobras’s divestment program, according to a government decree published in Brazil’s Official Gazette last week.

The decree prevents Petrobras from immediately selling its minority stake in Braskem, which had been announced this year. A new decree will be required to release the stock sale.

Petrobras’s board earlier approved a strategic plan for 2017-21 that included the divestment of all petrochemical interests.

Petrobras began negotiations with Odebrecht (Salvador, Brazil) in July to promote the revision of the terms and conditions of the Braskem shareholders’ agreement, Petrobras said in a securities filing at that time. The shareholders’ agreement dates from February 2010. Odebrecht holds 50.1% of Braskem’s voting capital and 38.3% of the total capital. Petrobras holds 47% of Braskem’s voting capital and 36.1% of the total capital.

Braskem’s shares also trade on stock exchanges in Brazil and the United States. “The revision aims to improve Braskem’s corporate governance and the corporate relationship between all of the parties,” the filing stated.

By Francinia Protti-Alvarez

Source: Chemical Week

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