Braskem shares on the rise as sale generates interest

Apr, 19, 2021 Posted by Ruth Hollard

Week 202117

According to Valor sources, the sale of Braskem, which continues in the formal stage of contacting potential buyers, has attracted strong interest from other petrochemical groups and investment funds. The petrochemical’s share prices rose on Monday. In the early afternoon, shares of Braskem’s class A preferred stock increased 4.16%, trading at R$ 52.06.

The contacts were generated by Morgan Stanley, who advises Odebrecht (now Novonor) in the sale of control of the company. When expressing interest, the potential buyer receives information about Braskem and begins to prepare for an eventual offer.

According to sources close to Novonor, although some potential buyers may only be interested in part of the company, the group’s goal is to sell all of its stake in the company and not to break it up. At the beginning of the month, Valor estimated that Odebrecht had already started contacting potential buyers.

In a note, the group reiterates that its objective is to sell its 38.3% stake in the total capital “of the consolidated company.”

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