Report: Petrobras Doesn’t Intend to Sell Braskem Stake

Aug. 14, 2023
Company also won’t turn Braskem into a state-run firm, Reuters reports.

Brazilian state-run oil company Petrobras does not plan to sell its 36% stake in petrochemical firm Braskem newspaper, Reuters news service reported on Aug. 10, citing a Valor Economico article.

Petrobras also has no plans to turn Braskem into a government-controlled firm, Reuters reported in a Aug. 11 article.

Petrobras and Novonor are among Braskem's main shareholders. Novonor holds a controlling stake in the firm but wants to sell it after entering bankruptcy protection.

Petrobras has contractual rights to purchase Novonor's stake in Braskem or exercise tag-along rights if the company is sold, Reuters reported. 

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